MANILA -- Inflation likely slowed to a range of 6.3 to 6.7 percent in November due to lower prices of food and and non-food items, the Department of Finance said Monday.
Trade Secretary Ramon Lopez said inflation likely hit 6.4 percent last month and would settle at the 4-percent level in January.
The DOF noted large decreases in prices of rice and vegetables, while prices of meat and fish rose. Official October inflation data is due out on Wednesday.
Sustained rollbacks in fuel and LPG prices offset the increase in electricity prices in November, the DOF said.
Finance Sec. Carlos Dominguez said last week that inflation would "taper off" towards the end of the year.
The Bangko Sentral ng Pilipinas Department of Economic Research gave a 5.8 to 6.6 percent forecast for November inflation.