Philippine Inflation Eases Slightly To 8.6%

(RTTNews) - The Philippines' consumer price inflation slowed marginally in February from a more than 14-year high in January amid a slowdown in transport charges, data from the Philippine Statistical Authority showed on Tuesday.

The consumer price index, or CPI, climbed 8.6 percent year-over-year in February, slightly slower than the 8.7 percent rise in January. Meanwhile, economists had forecast inflation to rise further to 8.8 percent.

The core inflation rate, which excludes the prices of selected food and energy items, also moderated to 7.6 percent in February from 7.8 percent in January.

The slight ease in inflation was mainly driven by developments in transport costs, which grew at a slower pace of 9.0 percent annually versus an 11.1 percent surge in January.

Prices for food and non-alcoholic beverages rose 10.8 percent annually in February, and those for furnishings, household equipment, and routine household maintenance climbed 6.2 percent.

On a seasonally adjusted basis, consumer prices moved up 0.3 percent monthly in February, after a 1.0 percent gain in the prior month.