Inflation hits 5-year high

From Malaya:

Inflation spiraled above 7 percent in October to a five-and-a-half-year peak, government data showed on Friday, but the central bank said it would refrain from raising interest rates.

The bank said inflation was being fuelled by higher world oil prices rather than robust domestic demand, so a policy change was not needed.

"It's not necessary," said Central Bank Gov. Rafael Buenaventura. "Essentially, it's still supply side driven, with very minimal or almost no demand side pressure."

Using 1994 as the base year, consumer prices rose 7.1 percent in the year through October from 6.9 percent in September, the National Statistics Office said. The central bank uses 1994 as the base year for its monetary policy decisions.

Inflation was 6.3 percent in August and 6 percent in July.

More bad news, I guess. :(