Inflation rate eased to 1.5 percent in November 2025 from 1.7 percent in October, the Philippine Statistics Authority (PSA) said Friday.
The Department of Economy, Planning and Development (DEPDev) attributed the slowdown to government efforts to stabilize food supply and prices amid persisting global and domestic challenges.
Data released by the PSA showed the November figure is lower than 2.5 percent recorded in November 2024. This brought the 11-month inflation to 1.6 percent, below the government’s target range of 2 percent to 4 percent.
The continued decline was led by movement in food prices, which went from a -0.3 percent to a 0.2 percent increase. This was fueled by a near-flat increase of 0.1 percent in food and non-alcoholic beverages, and slower inflation for vegetables, which eased to -6.5 percent from 2.9 percent and meat, which slowed to 4.2 percent from 5.2 percent.
These gains offset faster price increases for fish and non-food items, which were affected by higher electricity and personal transport costs.
“Inflation is projected to average below the low-end of the target range in 2025, primarily due to the decline in rice prices in previous months,” the Bangko Sentral ng Pilipinas (BSP) said in a statement.
Jonathan Ravelas, a senior adviser at Reyes Tacandong & Co., said the slower inflation rate due to lower food prices serves as a “welcome breather” that gave households some relief.
He said the challenge now lies on how to maintain such a trend amid the volatility of global markets and possible El Niño risks.
“Let’s not celebrate too early. The challenge now is sustaining this trend amid volatile global markets and El Niño risks. Government should double down on food supply chain efficiency and invest in climate-resilient agriculture. Stability is key,” said Ravelas.
Meanwhile, Union Bank of the Philippines chief economist Carlo Asuncion said the moderation reinforces expectations of a benign inflation environment that could provide the BSP greater flexibility in imposing policy rates.
“This sustained moderation reinforces expectations of a benign inflation environment heading into year-end, providing the Bangko Sentral ng Pilipinas with greater policy flexibility,” said Asuncion.
DEPDev Secretary Arsenio Balisacan attributed the moderation in prices to the Marcos administration’s intensified efforts to ensure price stability by strengthening food supply chains and reinforcing food security.
He said the government is committed to managing price pressures and mitigating inflation impact through various measures.
One program, Benteng Bigas, Meron Na!, is slated to open more sites across all 81 provinces before the year-end to bring affordable rice to vulnerable households by 2026.
The Department of Agriculture (DA) is also strengthening safeguards against African Swine Fever (ASF) while facilitating safe pork imports. This includes permitting imports from “ASF-free zones” within DA-accredited exporting countries.
To address the impact of rising electricity prices, the government is automating the registration of qualified 4Ps beneficiaries for the Lifeline Rate Subsidy to extend electricity bill discounts to more households.
In the long term, the proposed Waste-to-Energy Bill will enable the establishment of facilities to help manage residual solid waste and contribute to the country’s energy mix by using waste as a feedstock for energy production.
“The sustained moderation in inflation reflects our commitment to protect consumers and strengthen our economic resilience against global and domestic headwinds,” Balisacan said.
“We will continue implementing timely well-coordinated policies to keep prices stable and ensure progress is felt by every Filipino,” he said
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