Tuesday, May 06, 2008
RP inflation hits 3-year high at 8.3% on rising food prices (12:14 p.m.)
MANILA -- Inflation in the Philippines surged to its highest level in nearly three years in April, driven largely by higher food prices, according to data released Tuesday.
The National Statistics Office reported the consumer price index rose 8.3 percent from a year ago, the biggest gain since May 2005, when it rose 8.5 percent.
The April inflation rate was an acceleration from the 6.4 percent rise in the price index in March.
Average inflation in the first four months of the year was 6.2 percent, exceeding the central bank's target range of between 3 percent and 5 percent for the year. (AP) |
