Headline inflation climbed to 2.3 percent in October, up from 1.9 percent in September on higher food prices.
The October print pushed the national average inflation rate for the first ten months of the year to 3.3 percent, the Philippine Statistics Authority said Tuesday.
Food and non-alcoholic beverages sector, which saw a sharp increase in its year-on-year inflation rate to 2.9 percent from 1.4 percent in September, driven by a faster increase in rice prices and a slower decline in certain vegetable prices.
Additionally, transport costs contributed to the overall inflation, though the sector’s year-on-year decrease slowed, to 2.1 percent from 2.4 percent drop in September.
Food inflation, in particular, was the largest driver behind the increase in headline inflation. The food sector’s inflation rate surged to 3.0 percent in October 2024, compared to just 1.4 percent in the previous month.
The three largest contributors to the overall inflation in October were food and non-alcoholic beverages, housing and utilities, and restaurants and accommodation services.
Inflation for the bottom 30 percent income households increased to 3.4 percent in October 2024 from 2.5 percent in September 2024. In October 2023, inflation rate was posted at 5.3 percent.
