Philippine Oct inflation accelerates to 1.6 pct yr/yr

* Annual inflation at 1.6 pct in Oct vs 0.7 pct in Sept

* Data in line with market, upper end of c. bank range

MANILA, Nov 5 - The Philippine statistics office released the October consumer price index on Thursday:

KEY DATA*

Consumer price index:

Change in pct Oct Sept Aug July June May Headline (yr/yr) 1.6 0.7 0.1 0.2 1.5 3.3

Core (yr/yr) 2.7 2.8 2.9 3.6 3.9 4.4 Headline (mth/mth) 0.6 0.2 0.2 0.3 0.6 -0.1

* Note: The base year is 2000. Core consumer prices strip out some food and fuel items.

KEY POINTS

* A Reuters poll of 11 analysts had forecast that October inflation rate would come in at 1.6 percent from a year ago while the central bank said the rate was likely to range from 0.8-1.7 percent. [ID:nMAN386788]

* The same poll predicted the central bank will keep its key policy rate steady at a record low of 4 percent at its policy meeting later on Thursday despite the expected uptick in domestic consumer prices.

* Agricultural losses from recent typhoons that hit the country, estimated to be at least 30 billion pesos ($631 million) so far, may push up inflation going forward, analysts said.

* The central bank said while consumer prices may rise in coming months, inflation will likely stay within target levels this year. It said it was looking at raising its 2009 average inflation forecast of 3.03 percent and 2010 estimate of 3.43 percent, due to high oil prices and after strong typhoons hit farm output. [ID:nMAN450332]

* The government is targetting inflation of 2.5-4.5 percent this year and 3.5-5.5 percent next year.

LINKS:

-- Reuters inflation poll....[ID:nMAN386788]

-- NSO Website: .....http://www.census.gov.ph