Philippines inflation eases to 8% in Dec.

Submitted by admin on Wed, 01/07/2009 - 02:59

Special Report:Global Financial Crisis

MANILA, Jan. 6 (Xinhua) -- The Philippines' annual
inflation eased to 8 percent in December 2008, lower than November's 9.9
percent, the country's statistics agency said on Tuesday.

The figure was lower than the government's target
range of 8.6 percent to 9.5 percent.

"This was effected by the negative annual growth rate
posted in the fuel, light and water index and the continued slowing down in the
annual price increases of the heavily weighted food, beverage sand tobacco and
the services index," the National Statistics Office said in a statement.

The country's average annual headline inflation rate for the year 2008 was 9.3 percent, compared to 2.8 percent a year ago.