Business News
Philippine inflation eases to 2.8 per cent in October
Nov 5, 2010, 7:21 GMT
Manila - The Philippines' inflation rate in October eased to 2.8 per cent due to lower price increases for food, electricity and fuel, the government said Friday.
The National Statistics Office said the October rate was lower than September's figure of 3.5 per cent.
Inflation in October last year was 1.6 per cent.
The agency said the food index alone slowed to 2 per cent in October from 3.3 per cent in September, while inflation for fuel, electricity and water eased to 8.3 per cent from 11.9 per cent.
The October rate brought to 4 per cent the average inflation rate for the first 10 months of the year. Government economists projected the annual inflation to average 4.7 per cent in 2010.
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