The Bangko Sentral ng Pilipinas warned that inflation pressures could intensify as the El Niño season approaches and conflict in the Middle East flares up again. June inflation averaged 4.8%, well above the BSP’s 2%-4% tolerance range, while core inflation rose to 4.4%, its highest in nearly three years. The BSP has raised rates by a total of 50 basis points to 4.75%, and markets expect another 25-basis-point increase within the year. Rising oil prices, the peso weakening past 61 per dollar, minimum-wage increases and food-price risks were flagged as persistent upside pressures.