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Thursday, June 05, 2008
Inflation surges to 9.6 % on soaring oil and food prices (1 p.m.)
MANILA -- Soaring oil and food prices pushed May inflation to a nine-year high of 9.6 percent, official data showed Thursday.
The government said the increase in prices from a year ago was the fastest since January 1999, and up from an inflation rate of 8.3 percent in April.
The new data raises the average inflation rate for the January-May period to 6.9 percent, well above the central bank's target range of 3 percent to 5 percent for the whole year.
Banking giant HSBC said the latest figure suggested inflation "may breach into double-digit territory before dropping back on account of easing global commodity prices and slowing economic activity."
HSBC said the data underpinned expectations that the central bank will raise its key interest rate by 25 basis points at a meeting later Thursday. (AP) |
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