Philippines inflation slows to 1.5% in November

Inflation in the Philippines eased to 1.5 percent in November 2025, down from 1.7 percent in October, according to the Philippine Statistics Authority (PSA).

This slowdown was primarily driven by a slower rise in food and non-alcoholic beverages, which went from 0.5% in October to 0.1% in November.

Lower inflation rates were also recorded for alcoholic beverages and tobacco, furnishings, household equipment and routine maintenance, and personal care.

However, faster inflation rates were observed in housing, water, electricity, gas and other fuels; transport; recreation, sport and culture; and restaurants and accommodation services.

Housing, water, electricity, gas and other fuels; restaurants and accommodation services; and transport were the top contributors to inflation in November.

The November inflation rate is slower than the 2.5% recorded in November 2024 and falls within the Bangko Sentral ng Pilipinas' (BSP) forecast range.

The average inflation rate from January to November stands at 1.6 percent, below the BSP's target range of 2 to 4 percent.

This benign inflation environment has provided the BSP flexibility to ease monetary policy, with another rate cut anticipated in December.