The Department of Finance (DOF) assured it is accelerating efforts to control food and basic service prices after inflation eased to 1.5 percent in November, a four-month low.

Data from the Philippine Statistics Authority (PSA) showed the inflation rate slowed to 1.5 percent last month, from 1.7 percent in October, primarily due to lower food prices.

The latest figure remained within the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 1.1 percent to 1.9 percent.

Headline inflation averaged 1.6 percent at end-November, falling below the government’s target band of two percent to four percent. The government views inflation within this range as manageable and conducive to economic growth.

Finance Secretary Frederick D. Go stated that the four-month low inflation rate validates the effectiveness of government interventions.

“We will continue to do our part at the DOF to ensure that our policies keep both food and non-food commodities affordable for Filipino families,” he said.

The slowdown in November was driven by falling food costs, with the average price of rice dropping to ₱44.19 per kilogram, a significant decline from ₱52.59 per kilogram a year earlier.

Relief was particularly felt by low-income households, where inflation for the bottom 30 percent segment fell to -0.2 percent during the month. This marked the sixth straight month of decline, owing to cheaper food, utilities, and transport.

As the holiday season draws to a close, the DOF announced that the national government is expanding and speeding up measures to ensure "an affordable and steady supply of food in the market.”

President Ferdinand Marcos Jr. last month signed Executive Order (EO) No. 105, which extends the 15 percent tariff on imported rice until the end of the year to better manage global price fluctuations.

The DOF noted that “EO 105 upgrades the current tariff system by providing automatic tariff adjustments based on movements in international rice prices beginning next year,” a move intended to stabilize food prices and ensure “fair income” for farmers.

For its part, the BSP committed to closely monitor domestic and global factors that could impact inflation and economic growth. The central bank has reduced key borrowing costs by 175 basis points (bps) since it began its inflation-targeting monetary policy easing in August last year.