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PIA Press Release
2006/10/05

September inflation at 5.7%, slowest since mid-2004

Quezon City (5 October) -- CONSUMER prices rose a steady 5.7 percent in September versus prices in the same period last year on the back of a stronger peso and lower oil prices, the National Statistics Office said.

Central bank and economists polled by XFN-Asia had expected that inflation in September would be in the range of 5.7-6.2 percent.

The inflation rate in September was the lowest since June 2004, when it was 5.4 percent.

"This reflects favorable developments in oil prices and the peso-dollar exchange rate, and it also shows the impact of our cautious stance on monetary policy," central bank deputy governor Diwa Guinigundo said. (PIA) [top]

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