Philippine inflation rate falls to 7.1 per cent in January
The Philippines' inflation rate slowed down to 7.1 per cent in January as prices of food and other basic commodities eased, the government said Thursday.
The January index was down from 8 per cent in December, but up from 4.9 per cent in the same month last year, the National Statistics Office said.
The office said the decline was caused by price decreases in fuel and utilities and slower price increases for food and commodities, dpa reported.
The food index alone slowed down to 12.7 per cent in January from 13.3 per cent in December.
Prices of fuel, light and water declined 3.8 per cent in January after slipping 1.7 per cent in December, the office added.
In 2008, the country's average annual inflation rate reached 9.3 per cent, up from 2.8 per cent in 2007, as high oil and food prices battered the economy.