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February 6, 2009

Philippines inflation at 10 month low in Jan

Philippine inflation rose 7.1 percent from a year earlier in January, the lowest level of growth in 10 months, as economic activity slowed amid the global financial crisis, AFP quoted the government as saying Thursday.

Prices grew by a slower pace than the 8.0 percent rate in December and extended a downtrend that started in September, National Statistics Office data show. Food and fuel items made the most significant impact in its consumer price index basket.

Anticipating the decline, the central bank has cut its key interest rates by a total of one percentage point over the past two months to loosen credit and stimulate economic activity even as businesses cut more than 15,000 jobs amid depressed global demand for Filipino exports.

Central bank governor Armando Tetangco suggested Thursday that there was further room for manoeuvre on monetary policy. "This confirms our expectation for continued slowdown in price increases and gives the (central bank) more room to support the economy," he told Dow Jones Newswires.





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