Philippine inflation eases in September to 11.9 percent

MANILA, Oct 7, 2008 (AFP) - Inflation in the Philippines eased slightly to 11.9 percent in September from a 17-year-high of 12.5 percent the previous month, the government said Tuesday.

The easing up was due to a general drop in annual inflation in the food, beverage and tobacco sectors, the National Statistics Office said.

Average inflation from January to September stands at 9.2 percent, the agency said.

The central bank on Monday left interest rates unchanged on signs that inflation has started to ease.

The overnight borrowing rate was left at 6.0 percent and the lending rate remained the same at 8.0 percent.

"Food and energy prices are retreating from recent highs, and this could indicate lower headline inflation and more flexibility for monetary policy," central bank governor Amando Tetangco had said.

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