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Friday, July 04, 2008 12:30 PM

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(UPDATE) RP June inflation highest since 1994, rate hike seen

Reuters - 7/4/2008 12:30:45 PM

Philippine inflation surged to a 14-year high in June on the back of a relentless rise in food and fuel prices and the central bank signalled it may raise interest rates further in response. The National Statistics Office said on Friday consumer prices soared 11.4 percent last month from a year earlier. It was the biggest rise since May 1994 and exceeded both market and central bank forecasts. It was also the first time inflation had hit double digits since January 1999.

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WEATHER
Rains/ Monsoon RainsIssued At: 5:00 p.m
At 2 p.m. Thursday, a Low Pressure Area (LPA) was estimated based on satellite and surface data at 90 kms west northwest of Coron, Northern Palawan (12.4ºN 119.5ºE) embedded along the Intertropical Convergence Zone (ITCZ) affecting Southern Luzon, Visayas and Mindanao.

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