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Philippine says Aug core inflation uptick to weigh on policy meet
September 5, 2014 / 1:45 AM / 3 years ago

Philippine says Aug core inflation uptick to weigh on policy meet

MANILA, Sept 5 (Reuters) - The Philippine central bank will consider the uptick in annual core inflation in August, which rose to 3.4 percent from 3.0 percent in July, in reviewing policy settings at next week’s meeting, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco said on Friday.

Headline inflation in August was steady at 4.9 percent, the statistics agency said, but core inflation climbed to its highest in at least six months.

Analysts expect the BSP to raise its overnight borrowing rate, or the rate on its short-term special deposit accounts (SDAs), or both, by another 25 basis points at its meeting on Sept. 11.

The central bank raised its policy rate in July - the first in three years - to 3.75 percent to stay on top of rising prices. The SDA rate is at now 2.25 percent. (Reporting by Rosemarie Francisco; Editing by Paul Tait)

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