The Philippines witnessed a decline in its inflation rate, which reached 4.9% in the month of October, as reported by the Philippine Statistics Authority (PSA).
During a press conference held on Tuesday, November 7, National Statistician Dennis Mapa pointed to the ‘moderate increase’ in prices of food and non-alcoholic beverages, which experienced a 7.0% inflation rate.
This month’s inflation rate represents an improvement compared to the 7.7% recorded in October 2022 and the 6.1% from the preceding month.
The average inflation rate since January 2023 stands at 6.4%.
