Inflation in the Philippines continued to ease in November, slowing to 1.5 percent from 1.7 percent in October as food and non-alcoholic beverage prices posted softer increases, according to the Philippine Statistics Authority.
The latest reading—well below the 2.5 percent registered in the same month last year—brings the year-to-date average inflation to 1.6 percent, reinforcing expectations of a benign inflation environment heading into the close of 2025 and supporting the case for another interest rate cut this year.
The decline was driven largely by easing food prices, particularly vegetables and meat, though faster increases in housing utilities, transport, and restaurants moderated the overall slowdown. Core inflation also inched down, while both NCR and areas outside NCR recorded similar deceleration trends.
Headline inflation
- Eased to 1.5 percent in November (from 1.7 percent in October)
- YTD (Jan–Nov): 1.6 percent
- November 2024: 2.5 percent
Main driver of the downtrend
- Food & non-alcoholic beverages inflation slowed to 0.1 percent
- Lower inflation also seen in: Alcoholic beverages & tobacco (3.6 percent); Furnishings & household equipment (2.0 percent); and Personal care & miscellaneous goods (2.4 percent)
Faster price increases
- Housing, water, electricity, gas, fuels (2.9 percent)
- Transport (1.7 percent)
- Recreation, sport & culture (2.1 percent)
- Restaurants & accommodation services (2.6 percent)
Top contributors to inflation
- Housing/utilities: 0.6 ppts
- Restaurants/accommodation: 0.3 ppts
- Transport: 0.2 ppts
Food inflation
- Fell by 0.3 percent (from +0.2 percent in October)
- Big drop in vegetables index: 4.0 percent (from 16.4 percent)
- Meat inflation slowed to 4.2 percent
- Rice decline eased to -15.4 percent
Core inflation
NCR inflation
- Down to 2.8 percent (from 2.9 percent)
- Driven by slower food & utilities inflation
AONCR inflation
- Lower at 1.2 percent (from 1.3 percent)
- BARMM posted -1.4 percent
- Central Visayas remained highest for the 4th month at 3.3 percent
—Ed: Corrie S. Narisma
