Philippine inflation rate spikes up to 8.3 per cent

Manila - InflationThe Philippines' year-on-year inflation rate surged to 8.3 per cent in April amid skyrocketing prices of food and other basic commodities, the government said Wednesday.

The National Statistics Office said the April index was the highest since May 2005 and up from 2.3 per cent in the same month last year.

The inflation rate in March 2008 was 6.4 per cent.

"The overall annual inflation rate for food alone climbed to 12.0 per cent in April from 8.4 per cent in March," the agency said. "The upward trend can also be attributed to higher electricity rates... and the series of price increases in gasoline and diesel nationwide."

The April index brought to 6.2 per cent the average inflation rate for the first four months of 2008. The government forecasts annual inflation to average between 3.7 per cent and 4.4 per cent for 2008. (dpa)

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