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The past week has brought mostly good news on the inflation front. Of the nine countries in the region to have reported November inflation figures, the y/y rate dropped or was stable in eight of them. The exception was the Philippines, where the headline rate rose to a new 14-year high of 8.0% y/y. The jump in inflation means another rate hike at the central bank’s (BSP) final meeting of the year on Thursday is highly likely. It also poses a threat to our forecast that the BSP will bring its tightening cycle to an end early next year.
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