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Philippine inflation slows to 1.3 pct in January

Xinhua, February 5, 2016 Adjust font size:

Philippine inflation rate slowed down to 1.3 percent in January from 1.5 percent in the previous month, the Philippine Statistics Authority (PSA) said Friday.

Inflation in January last year stood at 2.4 percent.

The lower inflation in January was primarily due to the annual decline in housing, water, electricity, gas, and other fuels, PSA said.

Lower annual growths were also noticed in the indices of clothing and footwear; furnishing, household equipment and routine maintenance of the house; health; transport; and recreation and culture, it added.

"Good weather conditions at the onset of 2016 allowed prices of these food items to stabilize," said Socioeconomic Planning Secretary Emmanuel Esguerra.

But he warned that for the first few months of this year, risk of higher food prices remain.

"While it is noted that El Nino will gradually weaken beginning next month, the onset of the summer season may constrain farm output," said Esguerra. Endit