Philippine statistics bureau says October inflation rose to 7.8%, highest since February 2023

The Philippine Statistics Bureau said on November 5 that October inflation rose to 7.8 percent from 7.2 percent in September, the second consecutive monthly increase and the highest since February 2023. The average inflation rate from January to October was 5.6 percent, above the government's target range of 2 percent to 4 percent. Bureau chief and national statistician Dennis Mapa said transport price increases were a main factor, with the transport price index up 20.1 percent year on year, compared with 14.6 percent in September, driven by higher jeepney and public bus fares and fuel prices. The housing, water, electricity, gas and other fuels index rose 9.3 percent year on year, up from 8.4 percent in September, while food and non-alcoholic beverages rose 6.1 percent, down from 6.7 percent. Core inflation, which excludes volatile energy and food prices, increased to 5.4 percent from 4.8 percent. The bureau cited reliance on imported energy, international energy price volatility, peso depreciation and Middle East-related uncertainty as sources of pressure, leaving the central bank to balance price stability with economic growth.