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Surging Philippine prices pressure central bank on rate hike

July inflation hits five-year high

A Filipino shopper in Manila: Price of food and non-alcoholic drinks rose 7.1% on the year.    © Reuters

MANILA -- The Philippine central bank has come under increased pressure to tighten monetary policy more aggressively this week, after inflation figures announced on Tuesday continued to surge past the government's target and beat market estimates.

Inflation in July stood at 5.7%, its highest level in over five years and surpassing market forecasts of 5.5%.

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