July inflation highest in nearly 3 years

Headline inflation climbed to 4.9 percent year-on-year in July, hitting its highest rate since October 2011, in an acceleration that is expected to spark another tightening move by the central bank.

The new rate nearly doubled its 2.5 percent pace recorded in July 2013 and regained pace after slowing to 4.4 percent in June from 4.5 percent in May, data from the Philippine Statistics Authority (PSA) showed on Tuesday. The latest inflation figure was the highest since nearly three years ago, when it stood at 5.2 percent in October 2011.