Philippine rice inflation hits highest level since 2009

MANILA -- Rice prices in the Philippines continued to rise in January despite slowing overall inflation, with El Nino and India's export ban promising to exacerbate the trend in the coming months.

Rice inflation hit 22.6% last month, its highest mark since March 2009, according to the country's statistics agency. Meanwhile, January inflation declined to 2.8%, slower than the 3.9% for December and 8.7% a year earlier, the agency said on Tuesday.