By Katherine K. Chan, Reporter
ELEVATED oil prices continued to feed into food and utility costs, pushing annual inflation to a three-year high of 7.2% in April, the Philippine Statistics Authority (PSA) said on Tuesday.
Faster-than-expected inflation now puts more pressure on the Bangko Sentral ng Pilipinas (BSP) which earlier signaled that it could keep hiking interest rates as needed to temper inflation amid the oil crisis.
PSA data showed that the consumer price index (CPI) accelerated to 7.2% in April, from 4.1% in March and 1.4% a year ago.
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