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Inflation Expected Above Range Again

PHP

Peso is stronger, USD/PHP last down 0.057 at 47.743. BSP Gov Diokno said May inflation is likely to print 4.4% Y/Y with a band of 4.0%-4.8% a reasonable range of estimates. Inflation figures are due on Friday and consensus is for a 4.5% print, in line with the April reading. BSP has largely looked through the 2021 inflation breach, opting to accommodate the 4 months that inflation has moved past the 2-4% inflation target. Diokno has reiterated that the current inflation spike is transitory and upward pressure on inflation appears to be dissipating as supply-side bottlenecks are addressed.

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