Philippine inflation unexpectedly eases to 1.8% in August year on year

[MANILA] Philippine annual inflation unexpectedly slowed in August as food prices eased, the statistics office said on Tuesday.

The consumer price index rose 1.8 per cent in August from a year earlier, below the 2.0 per cent forecast in a Reuters poll. It was the 16th straight month that the rate had stayed below the central bank's 2-4 per cent target range.

Core inflation, which strips out volatile food and fuel items, was 2.0 per cent in August, picking up slightly from the previous month's annual climb of 1.9 per cent.

Consumer prices rose 0.1 per cent in August from a month ago, unchanged from the previous month's rise.

REUTERS