THE Philippine central bank would consider bigger key rate increases to support the peso and amid faster inflation, according to its new chief.
ation,” Bangko Sentral ng Pilipinas Governor Felipe M. Medalla told reporters on Wednesday night.fl“People are actually almost unafraid of COVID,” he said. “To the extent the rising cases do not result in clogging the hospitals, then we’ll beInflation likely quickened to 5.7-6.5% in June amid spiraling oil and food prices, higher electricity rates and a weaker peso, his predecessor Benjamin E. Diokno said on Thursday.
Inflation was 5.4% in May, the fastest in more than three-and-a-half years. The government will release inflation data on July 5. Manila Electric Co. , which distributes power to the capital region, raised its overall rate by P0.3982 a kilowatt-hour to P10.4612 a kWh in June from P10.0630 a kWh aThe peso closed at P55.06 a dollar on Wednesday, its weakest level since it closed at P55.08 on Oct. 27, 2005. It slightly recovered to P54.975 on Thursday.
The US consumer price index rose by 8.6% in May, the fastest since December 1981. This caused renewed concerns that the Fed’s aggressive action could dampen growth prospects for the world’s largest economy.
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