Philippines’s annual inflation rate surged to a four-year high of 6.1% in June from 5.4% in May, exceeding the market consensus of 5.9%. The latest print widely surpassed market forecasts and breached the country’s central bank target band of 2% to 4% for the third straight month. The central bank’s governor Felipe Medalla said the recent peso depreciation was a ‘natural market response’ to the country’s widening current account deficit.