Inflation steadies at 1.7% in October

Inflation held steady at 1.7 percent in October from the previous month amid slower food price increases.

- By LOUELLA DESIDERIO and KEISHA TA-ASAN

In a press conference, National Statistician Dennis Mapa said that headline inflation — the change in the average cost of consumer goods and services — stood at 1.7 percent in October, unchanged from the previous month.

The October inflation print, however, was lower than the 2.3 percent print in the same month last year.

It was within the Bangko Sentral ng Pilipinas (BSP)’s forecast for the month of 1.4 to 2.2 percent, but below the government's two to four percent target range for the year.

“The outlook for inflation is generally benign, remaining well within the target range over the policy horizon,” the BSP said in a statement.

It added that inflation is projected to average below the low end of the target range for 2025, largely due to the easing of rice prices in previous months.

From January to October, average inflation also stood at 1.7 percent.

Food and nonalcoholic beverages had a slower inflation of 0.5 percent in October from the previous month’s one percent.

Inflation for food alone also registered a 0.3-percent increase in October, slower than the previous month’s 0.8 percent.

The slowdown was driven mainly by the slower increase in vegetables at 16.6 percent in October from 19.4 percent in September.

Meat inflation also slowed to 5.2 percent in October from six percent in the previous month.

Rice inflation registered a slightly faster decline at 17 percent in October from 16.9 percent in September.

Department of Economy, Planning and Development Secretary Arsenio Balisacan said the latest data reflected the government's proactive measures to manage supply conditions and protect families from potential price pressures.