The PSA data showed that the slowdown was mainly due to a lower food inflation rate of 7.1 percent in October from 10 percent in September. Inflation of other commodities also decelerated, such as rice, vegetable, fish, bread and other cereals.
"The downtrend in the overall inflation in October 2023 was primarily brought about by the slower year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 7.0 percent in October 2023 from 9.7 percent in the previous month," PSA head Dennis Mapa told a press conference.
He added that the restaurants and accommodation services, with an inflation rate of 6.3 percent in October from 7.1 percent in September, also contributed to the downtrend of the headline inflation.
The October inflation rate brought the national average inflation from January to October to 6.4 percent.
Mapa said core inflation, which excludes volatile oil and food items, decreased further to 5.3 percent in October from 5.9 percent in September. The average core inflation from January to October stood at 7 percent.
"Rice inflation slowed down following the onset of peak harvest and import arrivals. The stable supply of vegetables as harvest season comes likewise resulted in a slower inflation rate of the commodity," National Economic and Development Authority Secretary Arsenio Balisacan said.
As inflation eases, Balisacan said it is "crucial" to continue monitoring the prices of commodities, particularly food, transportation, and energy, amid global challenges such as geopolitical uncertainties and the El Nino phenomenon.
Balisacan stressed the need to ensure that the most vulnerable Filipinos are protected amid the threat of the El Nino, especially its impact on food prices and global food production.
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