Philippines inflation slows in October, eases rate hike pressure

MANILA (Reuters): Philippine annual inflation slowed for the first time in three months in October due mainly to slower increases in prices for food including rice, the statistics agency said on Tuesday, likely easing pressure on the central bank to hike interest rates further.

The consumer price index rose 4.9%, less than the 6.1% in September, 5.6% forecast in a Reuters poll, and the central bank's 5.1% to 5.9% projection.