The country’s inflation settled at 2.5 percent in November, or still within the government’s 2- to 4-percent target but slightly higher than October’s 2.3 percent.
Also, the inflation in November last year was higher at 4.1 percent. The latest data brought the year-to-date average inflation to 3.2 percent.
“Despite the strong typhoons our country faced in recent months, consumer prices have remained relatively stable. This demonstrates the resilience of our economy and the effectiveness of our policies,” said NEDA Secretary Arsenio Balisacan.
Balisacan, however, said the government is closely monitoring prices of commodities, especially food, following the successive typhoons in October and November.
These typhoons adversely affected food supply and logistics, resulting in a rise in food inflation to 3.5 percent from 3.0 percent, with vegetable inflation accelerating to 5.9 percent from -9.2 percent deflation in October.
A notable decline, however, was recorded in rice inflation, which dropped to 5.1 percent in November from 9.6 percent in October.
Data provided by the PSA showed that the average price of regular milled rice went down to P49.24 per kilogram (kg) in November from P50.22 per kg in October.
Meanwhile, the average price of well-milled rice decreased to P54.64 per kg from P55.22 per kg, while special rice also declined to P63.72 from P63.97 per kg in October.
The PSA expects rice inflation to further decline in the coming months.
“We are committed to maintaining price stability by ensuring inflation remains low and manageable. This will be supported by prudent monetary policies and strategic trade measures in the near term, as well as improved access to quality job opportunities and productivity-enhancing reforms in the medium term” said Balisacan.
In a separate statement, the Bangko Sentral ng Pilipinas (BSP) said the latest inflation data is consistent with its assessment that inflation will continue to trend closer to the low end of the target range in the near term.
"This reflects easing supply pressures for key food items, particularly rice," said the BSP.
The BSP said the balance of risks to the inflation outlook for 2025 and 2026 has shifted toward the upside.
It said upside risks could emanate from the potential adjustments in electricity rates and higher minimum wages in areas outside Metro Manila, while, downside factors include the impact of lower import tariffs on rice.
"The Monetary Board will consider the latest inflation outturn in its upcoming monetary policy meeting on 19 December 2024," said the BSP.
"The BSP will continue to maintain a measured approach in its easing cycle to ensure price stability conducive to sustainable economic growth and employment," it added.
