Business News
Philippine inflation rate eases to 3.2 per cent in 2009
Jan 5, 2010, 5:44 GMT
Manila - The Philippines' inflation rate eased to 3.2 per cent for the whole of 2009 due to slower food price hikes than the previous year, the government Tuesday.
The National Statistics Office said the 2009 average index was lower than the overall rate of 9.3 per cent in 2008, which was blamed on spikes in fuel and food prices.
'The annual average inflation for food alone in 2009 was slower at 6 per cent from 13.6 per cent in 2008,' the office said.
The 2009 inflation rate was well within the government's target of between 2.5 per cent and 4.5 per cent.
In December, the country's year-on-year inflation rate rose to 4.4 per cent, higher than 2.8 per cent in November, due to an uptick in prices of food and fuel.
The December rate, however, was much lower than the 8 per cent recorded in the same month in 2008.
For 2010, the government is targeting an average inflation rate of between 3.5 per cent and 5.5 per cent, according to central bank Governor Amando Tetangco.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
