Manila - The Philippines' inflation rate increased to 9.3 per cent for 2008 as high oil and food prices battered the economy, the government said Tuesday. The National Statistics Office said the annual rate shot up from 2.8 per cent in 2007, but stayed at the low end of the government's target of between 9 per cent and 11 per cent.
But December inflation eased to 8.0 per cent, the lowest monthly rate in nine months, down from 9.9 per cent in November as food and oil prices declined.
"The annual inflation rate for food alone further improved to 13.4 per cent in December from 14.5 per cent in November," the agency said.
