May 26, 2018, 8:02 am
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1 Philippine Peso = 0.06987 UAE Dirham
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1 Philippine Peso = 0.06941 Brazilian Real
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1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
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1 Philippine Peso = 0.13955 Guatemala Quetzal
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1 Philippine Peso = 0.31929 Moldovan Leu
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1 Philippine Peso = 25.77516 Myanmar Kyat
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1 Philippine Peso = 0.29618 Maldives Rufiyaa
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1 Philippine Peso = 0.37196 Mexican Peso
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 0.25547 Seychelles Rupee
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1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
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1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
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1 Philippine Peso = 0.08961 Turkish Lira
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1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
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1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
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1 Philippine Peso = 6.88415 Zimbabwe dollar

UK inflation jump puts CB back in spotlight

LONDON- British inflation hit its joint highest level in more than five years in August, complicating the Bank of England’s job this week of explaining why it is not raising interest rates.

The fall in the value of the pound since last year’s vote to leave the European Union helped drive the biggest rise in clothing prices since the consumer price index was launched in 1997 and rising global oil costs also had an impact.

Consumer prices overall increased by 2.9 percent compared with a year earlier, the Office for National Statistics said, up from 2.6 percent in July and above the median forecast in a Reuters poll of economists for a rise of 2.8 percent.

That took the CPI back to its level in May. The last time it was higher than 2.9 percent was in April 2012.

Sterling hit a one-year high against the dollar after the data and it rose strongly against the euro too as investors priced in a greater chance of the BoE raising rates for the first time in a decade. British government bond prices fell.

Sam Hill, an economist with RBC Capital Markets, said the BoE had been expecting inflation of 2.7 percent in August and while no change in rates was likely this week, the inflation reading was a challenge for the central bank.

Most members of its Monetary Policy Committee are worried that uncertainty about Brexit will hurt the economy, which slowed sharply in the first half of 2017, and they have so far held off on voting for raising rates.

Furthermore, households have lost spending power as their wages are left behind by inflation. Figures due on Wednesday are expected to show pay grew by an annual 2.3 percent in the three months to July, picking up a touch but lagging inflation.

“I think it will be a real headache for the MPC,” Hill said. “Inflationary pressure is there but there is also evidence that consumers are having a tough time.”

The BoE targets 2 percent inflation. It expects inflation to hit about 3 percent in October, but much of it was due to the fall in the value of the pound since the Brexit vote which the BoE expects to gradually fade out of the inflation figures.
However, a further recent fall in the pound against the euro is likely to keep pressure on British inflation for longer than the BoE forecast in August.

The BoE is expected to keep the possibility of a rate hike on the radar for investors in its statement this week. Some economists said three of the MPC’s nine members might vote for a rate hike, up from two last month, with chief economist Andy Haldane joining the dissenters.

But Paul Hollingsworth, an economist with Capital Economics, said he expected inflation to peak at 3.1 percent in October and the subsequent easing of price pressures would probably leave a clear majority of rate-setters voting for no change.

“With mixed signals on the current strength of the economy and the majority of the Committee appearing to be comfortable with a temporary, exchange-rate driven pick-up in headline inflation, we don’t think that the MPC will be panicked into raising interest rates imminently,” he said. – Reuters 

Most economists polled by Reuters in late August said they did not expect a rate hike until 2019.

Tuesday’s data hinted at some future price pressure as the costs of raw materials and of goods leaving factories increased slightly. Factory gate prices rose by an annual 3.4 percent, the first increase in the rate since February. – Reuters
 
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