NEWSFLASH

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'97 INFLATION RATE LOWER THAN LAST YEAR'S

Malacanang, Dec. 21, 1997 - The inflation rate in November rose to 6.5% from 5.7% in October due to slight price increases of nonfood items, according to a report to the President by the National Economic and Development Authority (NEDA).

NEDA said the average inflation rate for the first 11 months of 1997 is only 5%, still way below the 9.2% registered for the same period last year.

The first 11 months' inflation figure, NEDA says, is still below the target of 6% to 6.5% for the year, and contrasts favorable with the average rate for the same period last year.

The country's economy fared considerably well, mainly due to the aggregate exports during the first 10 months, which grew by 32.1%, reaching $20.7 billion from $16.8 billion last year.

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