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Philippines Inflation October 2023

Philippines: Inflation drops to lowest level since July in October

Inflation came in at 4.9% in October, which was down from September’s 6.1%. October’s figure marked the weakest inflation rate since July. The result was largely driven by a softer increase in prices for food and non-alcoholic beverages. Moreover, prices for transport grew at a more subdued pace.

Annual average inflation fell to 6.6% in October (September: 6.9%).

Lastly, consumer prices dropped a seasonally adjusted 0.29% from the previous month in October, contrasting September’s 1.23% rise. October’s result marked the weakest reading since February 2020.

Analysts at the EIU commented on the outlook:

“Inflation will moderate to 3.3% in 2024, well within the BSP’s target range of 2-4%. However, some price pressures from food security and elevated global oil prices will continue to put an upside risk to our forecast. The most notable risk to this forecast arises from extreme weather events affecting agriculture production and, subsequently, food prices. […] With economic activity remaining below trend, the upside risk to inflation would give the BSP an awkward monetary policy dilemma.”

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