For the first time in six months, the Philippines' inflation rate eased in February at 8.6 percent, the Philippine Statistics Authority (PSA) said Tuesday.

The 8.6 percent consumer price index for the month of February is one figure slower than the record-high 8.7 percent reported in January.

The latest figure is also lower than the expected 8.5 to 9.3 percent of the Bangko Sentral ng Pilipinas (BSP) earlier this month, attributing the increase in the prices of food items, such as pork, fish, egg and sugar as well as the LPG prices.

"The BSP remains prepared to adjust its monetary policy settings as necessary to prevent inflation expectations from becoming disanchored and safeguard the inflation target over the policy horizon," it said in a statement.

In January, the Philippine inflation hit a new record high of 8.7 percent in January 2023 from 8.1 percent in December 2022.

It was also the fastest pace in the last 15 years, according to PSA.