Despite the uptick, inflation remains within the government’s target range of 2-4 percent, with the year-to-date average at 3.3 percent, the National Economic and Development Authority (NEDA) reported.
In a statement, NEDA Secretary Arsenio Balisacan assured the public of continued efforts to stabilize prices.
“The latest inflation figures confirm that we are on track to keep inflation within target. The government is fully committed to ensuring price stability and protecting Filipino households from undue shocks,” he stated.
The increase in October was largely due to higher inflation in food and non-alcoholic beverages, which rose to 2.9 percent from 1.4 percent in September. Notably, rice inflation surged to 9.6 percent from 5.7 percent, driven by high retail prices despite month-on-month easing.
Meat inflation held steady as pork prices saw a minor decline, supported by the Department of Agriculture’s expanded African swine fever vaccination efforts.
Typhoon-related disruptions, including the impact of Severe Tropical Storm Kristine, have challenged food supply and logistics, adding pressure to prices.
“The government is working relentlessly to keep food available and prices steady, particularly for essential commodities,” Balisacan noted, emphasizing targeted support and strengthened food supply chains.
With La Niña expected to continue through the first quarter of 2025, the Philippine Atmospheric, Geophysical, and Astronomical Services Administration predicts additional tropical cyclones that could impact supply and logistics.
To counter these potential disruptions, the Department of Social Welfare and Development has launched the B-SPARED Program, offering social safety nets and capacity-building to aid affected communities.
President Marcos has directed all government agencies to intensify relief and resilience measures to protect vulnerable communities amid climate-related challenges.
