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Philippine inflation at 4-year high points to more rate hikes

September price rise of 6.9% tops market forecasts

September's 6.9% inflation rate in the Philippines was driven mainly by higher food and utility prices.   © Reuters

MANILA (Reuters) -- Philippine annual inflation quickened to 6.9% in September, hitting its fastest pace in four years, firming up expectations the central bank will hike rates further before the year ends.

The September inflation rate, which was above the 6.7% forecast in a Reuters poll, was driven mainly by high food and utility prices and brought the average rate in the nine months to September to 5.1%, the statistics agency said on Wednesday, well outside the central bank's 2% to 4% target.

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