Inflation falls to 3.1% in October

Posted at 11/06/12 10:54 AM

MANILA, Philippines - Inflation continued to ease in October, dropping to 3.1% last month due to deceleration in prices of food and non-alcoholic beverages.

"This can be attributed to the deceleration in the annual increases recorded in the heavily-weighted food and non-alcoholic beverages index and recreation and culture index," the National Statistics Office said in a statement on Tuesday.

Core inflation also fell to 3.6% in October from 3.8% in the previous month.

Consumer prices previously ticked to a seven-month high of 3.8% in August before easing to 3.6% in September.

Headline inflation has averaged 3.2% as of October, below the central bank's forecast inflation average of 3.3% this year and well-within the target inflation range of 3% to 5%.