THE Philippine Statistics Authority (PSA) said that inflation has slowed down this October.

Two months after accelerating, the inflation rate for the prices of goods and services eased due to slower increases in food prices.

According to National Statistician and PSA chief Claire Dennis Mapa, the inflation, measured at 4.9% last month, is a big slowdown from the 6.1% rate in September.

Mapa also said that the inflation in October is also lower compared to the 7.7% rate seen in October 2022.

The year-to-date inflation rate stood at 6.4%, which is still above the government target of 2% to 4%.

“Ang pangunahing dahilan ng mas mababang antas ng inflation nitong Oktubre 2023 kaysa noong Setyembre 2023 ay ang mas mabagal na pagtaas ng presyo ng Food and Non-Alcoholic Beverages,” Mapa said.

He also said that the Food and Non-Alcoholic Beverages index has an inflation rate of 7% from 9.7% in the prior month.

Maps said that the heavily-weighted index also contributed 89.7% to the overall decline.