Philipppine inflation up 5.2pc in October

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MANILA, Nov 4 (Xinhua): Higher food an utility prices in the Philippines pushed up the country's inflation rate to 5.2 per cent in October, according to the latest report released by the national statistics office (NSO). The 2006-based inflation rate for October was higher than the 4.8 per cent recorded in September and 3.3 per cent posted in the same period last year. After slowing from 5.1 per cent in July to 4.7 per cent in August, inflation has been on a steady increase in the past three months. Further, using the 2000-based inflation data, the NSO said October 2011 inflation increased to 5.3 per cent from August 2011's 4.6 per cent. This is the highest inflation level recorded for 2000-based prices this year. "This was due to higher annual increments in food and non- alcoholic beverages; alcoholic beverages and tobacco; and housing, water, electricity, gas and other fuels indices," the NSO said. Despite this, both the 2006-based and 2000-based inflation levels from January to October this year has been kept within the government's 3 to 5 per cent inflation target for the year. Under the 2006-based data, January to October inflation was at 4.8 per cent while the 2000-based data showed inflation during the period was at 4.5 per cent. Meanwhile, the country's annual rate of increment in the heavily weighted food and non-alcoholic beverages index was faster at 5.7 per cent in October from 5 per cent in September; alcoholic beverages and tobacco, 6.2 per cent from 6.1 per cent; and housing, water, electricity, gas and other fuels, 6.5 per cent from 5.7 per cent. On the other hand, the annual inflation for transport index decelerated to 6.7 per cent from 7.1 per cent. The annual gain in the food index at the national level rose to 5.8 per cent in October from 5.2 per cent in September. This was largely due to a double-digit annual increase posted in the vegetables index at 19.9 per cent in October from 10.7 per cent in September and corn, 12.7 per cent from 11.5 per cent.