Philippine inflation quickens again in March as rice soars

Philippine annual inflation accelerated for the second straight month in March as the rice component jumped at the fastest pace in 15 years, giving the central bank reason to keep policy settings tight. The consumer price index rose 3.7% in March from a year earlier, the statistics agency said on Friday, picking up from the previous month's rate of 3.4%. "The risks to the inflation outlook remain tilted toward the upside," the Bangko Sentral ng Pilipinas (BSP) said in a statement.