June inflation at 11.4% on year
Reuters
First Posted 08:05:00 07/04/2008
Filed Under: Macro Economics, Economic Indicators, inflation
MANILA, Philippines -- Consumer prices jumped 11.4 percent in June from a year earlier, surging above the central bank's forecast range of 10.4-11.2 percent, Socioeconomic Planning Secretary Augusto Santos said on Friday.
Inflation in May was at 9.6 percent from a year earlier, the government has previously said.
The June inflation number was the highest since 11.5 percent in May 1994. Santos said the increase was led by galloping prices of fuel and food, mainly the national staple, rice.
A Reuters poll earlier this week had forecast the June number would come in at 10.2 percent. The government will announce detailed inflation data at 0100 GMT.
Core inflation, which strips out some volatile food and energy items, reached an annual 6.6 percent in June, Santos told Reuters.
"It's still because of high energy and food prices," he said of the double-digit inflation in June. "And by food, it's mainly rice."
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