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Philippines annual inflation decelerated to a 22-year low in August, official data showed Friday.
Annual inflation eased to 0.1% in August from 0.2% in July, a report from the National Statistics Office showed. Economists expected consumer prices to rise at a pace of 0.2% in August, same as the previous month. The annual rate was much slower than the 12.4% reported in August 2008.
The central bank is aiming at an inflation rate of 2.5% to 4.5% for 2009.
All commodity groups recorded lower annual rates in August, except food, beverages and tobacco, in which prices climbed 1.8% versus July's 1.6% rise. The rise in cost of housing and repairs slowed slightly to 2.3%, while that for clothing and miscellaneous items eased to 2.2%. At the same time, the cost of fuel, light and water dipped 5.4% annually.
Core annual inflation that strips out food and energy prices slowed to 2.9% in August from 3.6% in July.
Month-on-month, consumer prices were up 0.2% in August, in line with expectations, but slower than the 0.3% increase seen in July. Monthly inflation eased mainly due to smaller price increases in fuel, light and water costs. Cost of food, beverages and tobacco as well as clothing remained at their respective previous month's level.
In August, the central bank had left the interest rate unchanged at 4%. After retaining key rates, the Bangko Sentral ng Pilinipas noted that the decision was taken on the basis of the assessment that the current monetary settings are appropriate and that inflation is expected to remain within target over the policy horizon.
Governor Amando Tetangco said monetary settings remain appropriate at this time as the inflation outlook continues to be manageable.
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