Philippine inflation hits 17-year high in July

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MANILA, Aug 5 (AFP): The Philippines' inflation rate hit 12.2 per cent in July, the highest in 17 years as prices of basic commodities increased overall, the government said today.

July's rate was above the 11.2 per cent to 12 per cent forecast of the central bank and "was the highest since December 1991" when the rate topped 13.2 per cent, the national statistics office said.

Inflation in June was 11.4 per cent, bringing the average rate for the past seven months to 8.3 per cent, according to data released by the NSO.

Except for fuel, light and water the rates for all commodity groups increased during the period, it said.