Inflation in the Philippines slowed further to 1.5 percent in November, driven mainly by easing food costs, the Philippine Statistics Authority (PSA) reported on Friday.
The latest figure is slightly lower than October’s 1.7 percent and came in below the 1.6-percent median forecast of 10 economists polled by the Inquirer last week.
It also fell squarely within the Bangko Sentral ng Pilipinas’ (BSP) projection of 1.1 percent to 1.9 percent for the month.
The PSA said the downtrend was largely attributed to the continued moderation of food prices.
Inflation for food and non-alcoholic beverages inched up by just 0.1 percent, accounting for 85.3 percent of the overall slowdown.
The January–November average now stands at 1.6 percent, well below the BSP’s full-year target band of 2 to 4 percent.
Other commodity groups also posted slower increases, helping temper overall inflation despite pressures in select items.
Government officials earlier said stabilizing supply chains and improved harvests have contributed to easing food costs in recent months.
BSP policymakers have maintained that inflation risks remain tilted to the upside due to volatile global prices and potential supply disruptions.
The central bank is expected to consider the latest inflation data at its next monetary policy meeting later this month.