The Aquino administration expressed elation over the report of the National Statistics Office the country's annual average headline inflation rate slowed down to 3.2 percent in 2012 from 4.6 in 2011, a Palace official said.
"This is the slowest pace inflation has grown on a year-on-year basis since 2008," Deputy Presidential Spokesperson Abigail Valte said in a statement issued Friday.
Citing the NSO report, Valte said the monthly inflation rate for December increased marginally to 2.9 percent from November's 2.8 percent.
"The rate is considerably lower than the 4.2 percent inflation rate of December 2011. According to NSO, this was due to higher annual rates in the food and non-alcoholic beverages and alcoholic beverages and tobacco indices," Valte said.
"Considering the strong performance of the Philippine economy, which grew at 7.1 percent in the third quarter of 2012, the inflation rate has remained stable and well within the 3 to 5 percent target set in the Philippine Development Plan (2011-2016)," she said.
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