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May 5, 2009, 3:24 GMT

Philippine inflation rate eases to 4.8 per cent in April

Manila - The Philippines' inflation rate in April fell to 4.8 per cent because of slower increases in the prices of all commodity groups, except for services, the government said Tuesday. The April inflation rate was lower than the 6.4-per-cent increase registered in March from the same month a year earlier. Inflation a year ago was 8.3 per cent, the National Statistics Office said. The agency said the year-on-year inflation rate for food alone declined to 8.2 per cent in April from 11.4 per cent in March. Inflation for clothing also dropped to 2.8 per cent in April from 2.9 per cent in March while housing and repairs eased to 3.2 per cent from 3.9 per cent. The inflation rate for services was a tad higher in April at 1.7 per cent from 1.6 per cent in March. The April rate brought to 6.4 per cent the average inflation rate for the first four months of the year. In 2008, the country registered an inflation rate of 9.3 per cent because of spikes in oil and food prices.

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