PHL posts 3.5% inflation rate in January — NSO

The Philippine economy recorded a higher inflation rate in January to 3.5 percent — the fastest acceleration since August last year — from 3 percent in December, the National Statistics Office (NSO) said Friday. The NSO said in a statement the mounting of prices last month was due to higher rates of food, beverages, cigaretters, fuel, and house utilities. Inflation a year ago was 4.3 percent, government statistics showed. Inflation averaged at 3.8 percent last year, well within the forecast range of 3.5-5.5 percent. The Bangko Sentral ng Pilipinas has set the annual inflation to average from 3-5 percent this year. — JE, GMANews.TV