RP inflation rises 11.6%

RP inflation rises 11.6%

MANILA (AFP): Philippine consumer prices rose 11.6 percent year-on in January, the National Statistics Office said Friday.

Analysts said the figure was "higher-than-expected" and triggered an initial sell-off at the Philippine Stock Exchange.

"The market reacted with a sell-off," said Mayenne Katimbang of Magnum International Securities, adding that the market was able to recover by mid-morning.

Price increases were reported in food, beverages and tobacco as well as in clothing, housing and repairs, an agency said in a statement. There were declines in fuel, electricity, water and services, it added.

Inflation rate stood at 10.4 percent in December and 9.7- percent for all of 1998.

The inflation rate for Manila slowed to 10.6 percent in January from 10.7 percent in December, but increased to 12 percent from 10.3 percent in regions outside the capital, statistics office said.