RP inflation slows in January

RP inflation slows in January

MANILA: Inflation prices in the Philippines slowed to 8.4 percent in January after 8.6 percent in December, the government's National Statistics Office said on Friday.

The central bank had projected the Consumer Price Index (CPI) to rise 7.8 percent year-on-year in January while the National Economic and Development Authority estimated 8.0 percent.

Since January the government is basing its inflation data on a 2000 price basket rather than 1994 prices.

"The lower headline inflation figure in January from December was primarily due to a 0.8 percentage point slowdown in inflation in food, beverages and tobacco," the NSO statement said. -- AFP