Consumer prices inflation in the Philippine slowed less than expected in January, data from the National Statistics Office of Philippines showed Thursday.
Consumer prices rose 2.4 percent year-over-year in January following the 2.7 percent increase in December. Economists had expected prices to grow 2.3 percent.
This was the slowest rate of inflation since August 2013.
Heavily weighed food and non-alcoholic beverages prices climbed 5.4 percent, slower than the 5.5 percent growth in December.
Most of the commodities recorded slower growth in January except for growth in prices of alcoholic beverages and tobacco.
Meanwhile, housing, water, electricity, gas and other fuels prices fell 2.1 percent and transport prices dropped 1.3 percent.
Core consumer prices, excluding food and energy prices, increased 2.2 percent in January following a 2.3 percent rise in December.
On a month-over-month basis, consumer prices rebounded by 0.4 percent after declining 0.2 percent in December.
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