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.
