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December 23, 2008

Philippines: Lower fuel prices to ease inflation

The Philippine central bank said on Monday that annual inflation in December should fall to within a 8.6-9.5 percent range because of the fall in fuel prices, reported Reuters.

"Seasonal spikes in the demand for certain food items as well as the peso's depreciation may have been offset by the significant reductions in domestic oil prices and transport fare adjustments brought about by the continued downtrend in world oil prices," Governor Amando Tetangco said in a mobile phone text message.

Annual inflation was at 9.9 percent in November, down from a peak of 12.5 percent in August.

December inflation data will be announced in the first week of January.

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