The country, under the new Aquino administration, closed the year 2011 with a 4.4 percent inflation, 0.6 percent below the target limit of five percent set at the beginning of the year. This came as the consumption-driven Philippine economy slowed down on the heel of the American and European economic crises and government underspending as it continued to cleanse the system from fiscal rot.
Sources
Joseph Villanueva: "4.4-pct inflation in 2011 well below target limit," InterAksyon 05 January 2012
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