The Philippine central bank kept its key interest rate steady for a sixth straight meeting on Thursday, saying inflation was moving closer to the middle of its 2%-4% target range.

The Bangko Sentral ng Pilipinas (BSP) said its monetary board voted to keep the target reverse repurchase rate at 6.50%.

"The Monetary Board also anticipates price pressures to ease further in the second half of the year," Governor Eli Remolona told a press conference.

All 25 economists in a Reuters poll had expected the BSP to keep the reverse repurchase rate unchanged.

Annual inflation rose to 3.9% in May from 3.8% in April, its highest rate so far in 2024. (Reporting by Mikhail Flores and Neil Jerome Morales; Editing by JOhn Mair)