The inflation rate in the country has slowed down to 4.1 percent or the month of November, according to the Philippine Statistics Authority (PSA) on Tuesday, December 5.
The latest figure is lower than the 4.9 percent reported in October amid the slower rise in the prices of food and petroleum as well the strengthening of peso.
According to PSA, the lower year-on-year growth rate of the heavily-weighted food and non-alcoholic beverages at 5.7 percent in November from 7 percent in October.
"This was followed by transport with 0.8 percent annual decrease from 1 percent annual growth in October 2023," the agency said in a statement.
All regions outside Metro Manila recorded slower inflation rates during the month, except for the Bangsamoro Autonomous Region in Muslim Mindanao, which registered the highest figure at 5.9 percent.
Meanwhile, among the regions, Cagayan Valley recorded the lowest inflation rate for the second consecutive month at 2.4 percent.
The data from PSA also showed food inflation at 5.8 percent in November, the slowest annual rise since May 2022. Though rice prices increased to 15.8 percent from 13.2 percent, there were declines in the cost of vegetables.
"The Monetary Board deems it necessary to keep monetary policy settings sufficiently tight until a sustained downtrend in inflation becomes evident," the Bangko Sentral ng Pilipinas (BSP) said.
Average inflation for the year to date was 6.2 percent, still far above the central bank's 2 percent -4 percent target for the year.
The central bank said it is prepared to take appropriate action as needed to bring inflation back to its target range, adding that the balance of risks in the inflation outlook still leans significantly towards the upside.
