Philippine inflation slows in January on declining commodity prices

[MANILA] Philippine annual inflation slowed for the first time in five months in January due to declining commodity costs and slower price increases in clothing and transport, the statistics agency said on Friday.

The consumer price index rose 1.3 per cent in January from a year earlier, matching analysts' expectations and well within the central bank's 0.8-1.6 per cent forecast for the month.

Core inflation in January was 1.8 per cent, slowing from 2.1 per cent in December, while the monthly rise in consumer prices was unchanged at 0.2 per cent.

The central bank has a 2-4 per cent target for the year.

REUTERS