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Philippine inflation hit 14-year high of 8.7% in January

Marcos calls result 'unfortunate'; focus turns to interest rate decision next week

A vegetable vendor tends to her shop at a market in Manila. Rising food prices are contributing to the country's surging headline inflation rate.   © Reuters

MANILA -- Inflation in the Philippines accelerated to a new 14-year high of 8.7% in January, driven by rising utility, housing and food costs.

The headline rate -- the fastest recorded since November 2008 -- surpassed the 8.1% logged in December and was well above the 3.0% seen in January last year, the Philippine Statistics Authority said on Tuesday. The figure also exceeded the central bank's forecast of 7.5% to 8.3% for the month.

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