MANILA -- Inflation in the Philippines reached a fresh nine-year high in August, hitting a level that could pressure the country's central bank to further tighten monetary policy and hurt growth prospects for the rest of the year.
Inflation last month reached 6.4%, breaching the 6% level for the first time since March 2009. The uptick exceeded market expectations and the estimate of Bangko Sentral ng Pilipinas. Investors and the central bank had forecast 5.9% price growth.
