Philippines 2011 inflation stays within target
Friday, 6 January 2012
MANILA, Jan 5 (AFP): Philippine inflation slowed in December, staying within the government's target range for the whole year, the state statistics office said Today.
The December figure of 4.0 per cent helped keep the rate for the full year at 4.4 per cent, the National Statistics Office said. Inflation in 2010 was 3.8 per cent.
The average figure was within the central bank's 3.0-5.0 per cent target for 2011-2013.
"This was primarily due to the reductions in the prices of heavily weighted food items such as rice, cooking oil, vegetables and sugar in (metropolitan Manila) and in many regions outside (Manila)," the statistics office said.
"The general downward adjustments in the prices of gasoline and diesel nationwide along with the decreases in the charges for electricity rates in (Manila) also contributed to the overall decline," it said in a statement.
The rise in prices had decelerated over the past two months after peaking at a two-and-a-half-year high of 5.3 per cent in October on the back of destructive typhoons that hit rice- producing regions in late September and early October.
The December figure of 4.0 per cent helped keep the rate for the full year at 4.4 per cent, the National Statistics Office said. Inflation in 2010 was 3.8 per cent.
The average figure was within the central bank's 3.0-5.0 per cent target for 2011-2013.
"This was primarily due to the reductions in the prices of heavily weighted food items such as rice, cooking oil, vegetables and sugar in (metropolitan Manila) and in many regions outside (Manila)," the statistics office said.
"The general downward adjustments in the prices of gasoline and diesel nationwide along with the decreases in the charges for electricity rates in (Manila) also contributed to the overall decline," it said in a statement.
The rise in prices had decelerated over the past two months after peaking at a two-and-a-half-year high of 5.3 per cent in October on the back of destructive typhoons that hit rice- producing regions in late September and early October.