October 2024 Inflation Rises to 2.3 Percent Amid Higher Food Costs But Remains Within Government Targets

The Philippines’ inflation rate slightly increased to 2.3 percent in October 2024, driven by higher prices in food, non-alcoholic beverages, and transport. Despite the uptick, economists note the rise in inflation as aligned with market expectations. Inflation also remains within the national government’s projections, giving the Bangko Sentral ng Pilipinas (BSP) room to continue its monetary easing cycle.

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