ING: Despite slowing inflation, the Philippine central bank may still raise interest rates

Last month, prices pulled back somewhat, giving people some reassurance that inflation may have peaked. However, core price pressures remain high, which may prompt the Central Bank of the Philippines to maintain a cautious policy stance. Bhargava added that overall inflation may also remain volatile, as a potential strong El Niño phenomenon could push food prices higher in the coming months. ING forecasts that the Central Bank of the Philippines will raise interest rates by another 50 basis points in the second half of the year.