Year-on-year inflation decelerated to 3.1 percent in December from 3.3 percent in November.
The average inflation rate for the year 2003 was 3.1 percent, the same rate registered in 2002.

The Philippine Peso depreciated in November as the exchange rate went up to P55.4 per US dollar from an average of P55/US$ in October.

Composite Index closes at 1,442.37 for the month of December. This is higher compared to November`s 1,313.87.

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