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Philippines' inflation rate slows to 6.4 per cent in March

Apr 7, 2009, 5:30 GMT

Manila - The Philippines' inflation rate fell to 6.4 per cent in March as prices of food and other basic commodities eased, the government said Tuesday. The March index was down from 7.3 per cent in February and was the same level as in March 2008, the National Statistics Office said. The office said inflation decelerated 'as slower annual inflation rates were registered in the indices of all commodity groups,' such as food, electricity and fuel. The food index alone went down to 11.9 per cent in March from 12.8 per cent in February. The biggest decrease was registered in the fuel, light and water group with the index down to negative 2.8 per cent in March from negative 0.7 per cent in February. In 2008, the country's inflation rate hit 9.3 per cent, up from 2.8 per cent in 2007, as high oil and food prices battered the economy.

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