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Philippine Inflation Highest Since Oct 2014

Philippine consumer price inflation accelerated at a faster-than-expected pace in January to the highest level in more than three years, figures from the Philippine Statistics Authority showed Tuesday.

The consumer price index climbed 4.0 percent year-over-year in January, faster than the 3.3 percent stable rate of increase in December.

Economists had expected the inflation to accelerated to 3.5 percent.

Moreover, this was the highest inflation since October 2014, when prices had grown 4.3 percent.

The uptrend was primarily due to the higher annual increment in the heavily-weighted food and non-alcoholic beverages index as it accelerated by 4.5 percent from previous month's growth of 3.5 percent.

Excluding selected food and energy items, core inflation quickened to 3.9 percent in January from 3.0 percent in the prior month.

On a monthly basis, consumer prices went up 1.0 percent from December, when it increased by 0.3 percent. The expected rate of rise was 0.6 percent.

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