Business News
Philippine inflation slows down to 11 per cent in October
Nov 5, 2008, 5:03 GMT
Manila - Inflation in the Philippines eased to a year-on-year rate of 11.2 per cent in October amid a slowdown in increases in food prices, the government said Wednesday.
The October index declined from an adjusted rate of 11.8 per cent in September, but up from 2.7 per cent in the same month in 2007, according to the National Statistics Office (NSO).
The NSO said the decline was 'brought about by the continued slowing down in the annual price increases of the heavily weighted food, beverages and tobacco and services items.'
The food index alone decelerated to 15.6 per cent in October from 17 per cent in September.
The October rate brought to 9.4 per cent the average inflation for the first 10 months of the year, within government forecasts for full-year inflation of between 9 per cent and 11 per cent.
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