Business News
Philippine inflation rate slows to 0.1 per cent in August
Sep 4, 2009, 6:28 GMT
Manila - The Philippine inflation rate in August dipped to 0.1 per cent as lower prices of fuel and services offset increases in food costs, the government said Friday.
The National Statistics Office (NSO) said the August inflation rate fell to 0.1 per cent from 0.2 per cent in July. Inflation a year ago was 12.4 per cent.
The NSO said inflation for the fuel, light and water group further dropped to negative 5.4 per cent in August, from negative 4.8 per cent in the previous month.
It added that the inflation rate for services also went down to negative 4.2 per cent from negative 3.9 per cent.
The food index, however, inched up to 1.7 per cent in August from 1.5 per cent in July.
The August inflation rate brought the average rate of inflation for the first eight months of the year to 3.7 per cent.
Philippine government officials have projected the national inflation rate would average between 2.5 per cent and 4.5 per cent for the whole of 2009.
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