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Philippines hikes key interest rate again as inflation accelerates

Second hike in two months raises benchmark to 2.5%; Indonesia stands pat

The Philippines' central bank hiked its key rate for the second straight meeting on June 23.   © Reuters

MANILA -- The Philippines' central bank on Thursday raised its key interest rate by 25 basis points, to 2.5%, as it strives to temper accelerating inflation.

The move marks the second straight increase for the benchmark, and was in line with expectations, though some observers had predicted an even bigger hike. Last month's increase, also 25 basis points, was the first since 2018.

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