PHL November inflation rate lower at 4.8%

Philippine consumer prices slowed down in November, but remained near the upper limit of government target for the year. The National Statistics Office on Tuesday said inflation rate in November was at 4.8 percent, a decrease from 5.2 percent in October. The NSO said the slower inflation rate was due to lower increases in the prices of "food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; health; transport; and education indexes and the decrease in the annual rate posted in communication index." For the 11-month period from January to November, inflation was at 4.8 percent. Monetary authorities are seeking to tame inflation this year at between 3 percent and 5 percent. On a monthly basis, Philippine inflation inched up 0.4 percent owing to higher charges in "electricity and increments in the prices of kerosene in many regions including NCR." Meanwhile, using 2000 as base year, Philippine inflation was at 4.7 percent. - CMA/OMG, GMA News