Philippine Inflation Eases To 6.6%, Lowest In 8 Months

(RTTNews) - The Philippines' consumer price inflation eased further in April to the lowest level in eight months, largely driven by a slowdown in prices for food products and utilities, data from the Philippine Statistical Authority showed on Friday.

The consumer price index, or CPI, climbed 6.6 percent year-over-year in April, slower than the 7.6 percent rise in March. Meanwhile, economists had forecast inflation to ease to 7.7 percent.

Moreover, this was the strongest inflation rate since August last year, when prices had risen 6.3 percent.

Nonetheless, the inflation was still above the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes prices of selected food and energy items, slowed marginally to 7.9 percent in April from 8.0 percent in March.

The annual price growth for food and non-alcoholic beverages moderated to 7.9 percent in April from 9.3 percent a month ago. Similarly, utility costs rose at a slower rate of 6.5 percent versus a 7.6 percent gain in March.

Health costs were 4.1 percent higher compared to last year, and transport charges moved up 2.6 percent.

On a monthly basis, consumer prices dropped at a stable pace of 0.2 percent in April, while prices were expected to rebound by 0.2 percent.