The Philippines maintained an average inflation rate of 3.2 percent in 2024, staying within the government’s target range despite economic challenges, the National Economic and Development Authority (NEDA) announced Tuesday.
In a news release posted by the Presidential Communications Office, NEDA Secretary Arsenio Balisacan highlighted the country’s progress in managing inflation, with the 2024 figure marking a significant drop from the 6.0 percent average recorded in 2023.
“Despite the risks we encountered throughout the year, our combined efforts to temper inflation have largely been successful. We will build upon this momentum as we commit to keep the inflation rate within our target range in 2025,” Balisacan said.
The Development Budget Coordination Committee (DBCC) earlier retained its annual inflation target of 2.0 to 4.0 percent through 2028.
The Philippine Statistics Authority (PSA) reported that inflation for December 2024 rose slightly to 2.9 percent from 2.5 percent in November, primarily due to higher costs in housing, water, electricity, gas, and other fuels.
Balisacan assured the public that the government remains optimistic about sustaining low inflation levels in 2025.
“We are intensifying efforts to improve productivity, encourage innovation, and build resilience toward ensuring food security and protecting consumers’ purchasing power,” he said.
