MANILA, Philippines ? (UPDATE) Consumer prices rose an annual 11.2 percent in October, easing for the second month in a row, the statistics office said Wednesday.

The government also revised September annual inflation to 11.8 percent from 11.9 percent.

Core inflation, which strips out some volatile food and energy items, reached an annual 7.8 percent in October, compared to 7.5 percent in September, the National Statistics Office said.

The Bangko Sentral ng Pilipinas, the country's central bank, said the October inflation data provided greater latitude in deciding monetary policy.

"The recent steady downward trajectory in headline inflation and in international oil and rice prices bode well for cementing inflation expectations going forward which, in turn provides greater latitude for monetary policy in the face of the financial market turmoil," governor Amando Tetangco said in a mobile phone text message.

The bank's monetary board will next review interest rates on Nov 20. It held rates steady in October but raised rates at each of its previous three meetings to combat inflation.