BSP says watching for broader price rises


Posted at Jul 05 2011 10:45 AM | Updated as of Jul 06 2011 12:03 AM

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) is monitoring developments to see if price increases are becoming broader based, Governor Amando Tetangco said on Tuesday, after data showed annual inflation in June picked up pace from the previous month. 

"We will ensure that our monetary policy stance remains appropriate to sustain non-inflationary economic growth," Tetangco said in a mobile text message to reporters. 

The Philippines' annual inflation rate rose slightly to 4.6% in June from 4.5% in May to be at its highest since April 2009, the statistics office said on Tuesday.   

The increase in the consumer price index under the 2000 base year series compares with analysts' forecasts of 4.9%, according to a Reuters poll.