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MANILA (AFP) - Philippine inflation slowed to 4.8 percent in April, as increases in consumer prices were lower across the board except in the services sector, the government announced on Tuesday.
The April figure was down from 6.4 percent the previous month and well down year-on-year from the 8.3 percent inflation rate in April 2008. It was in the central bank's forecast range for the month of between 4.5 and 5.4 percent.
Core inflation, which excludes food and energy items that have more volatile costs, fell to 5.0 percent in April from 5.6 percent in March and 5.9 percent in April last year.
"We are encouraged by the increased flexibility afforded to monetary policy by the continued improvement in the inflation outlook," central bank governor Amando Tetangco said.
Average inflation for the first four months of the year is 6.4 percent, the national statistics office said.
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