Business News
Philippine inflation rate slows to 0.2 per cent in July
Aug 5, 2009, 7:30 GMT
Manila - Inflation in the Philippines eased to 0.2 per cent in July due to a slowdown in price increases of basic commodities, the government said Tuesday.
The National Statistics Office (NSO) said the July rate was lower than the 1.5 per cent in June. Inflation rate a year ago was 12.3 per cent.
'Annual inflation rate for food alone went down further to 1.5 per cent in July from 3 per cent in June,' the agency said.
The July inflation rate brought to 4.3 per cent the average inflation rate for the first half of the year, the NSO added.
Philippine economic managers have projected the national inflation rate to average between 2.5 per cent and 4.5 per cent for the whole of 2009.
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