Philippine Inflation Steady At 2.9%

(RTTNews) - The Philippines' consumer price inflation held steady at the start of the year after rising in the previous three months, data from the Philippine Statistical Authority showed on Wednesday.

The consumer price index, or CPI, climbed 2.9 percent year-over-year in January, the same as in December, which was the highest inflation rate in four months.

Moreover, inflation remained within the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes the prices of selected food and energy items, eased to 2.6 percent from 2.8 percent.

The annual price growth in food and non-alcoholic beverages quickened to 3.8 percent from 3.4 percent. Similarly, the rise in transport costs accelerated to 1.1 percent from 0.9 percent.

On the other hand, inflation based on utilities slowed to 2.2 percent from 2.9 percent, and the price growth in clothing and footwear moderated slightly to 2.3 percent from 2.4 percent.

On a monthly basis, consumer prices dropped a seasonally adjusted 0.1 percent after rising 0.5 percent in December.