Philippines' Oct 2024 inflation rises to 2.3%, within BSP target range

In October 2024, the Philippines' inflation rate increased slightly to 2.3%, influenced mainly by higher food prices and rice tariffs changes.

The Philippine Statistics Authority (PSA) reported that this uptick was within expectations and forecasts by the Bangko Sentral ng Pilipinas (BSP), which anticipates inflation staying within its 2-4% target range for the coming quarters.

Despite easing supply pressures, particularly for key food items like rice, analysts remain optimistic about maintaining manageable inflation levels due to continued downward trends in rice prices and global market conditions.

HSBC economist Aris Dacanay noted that despite the slight uptick, price pressures were relatively benign, with expectations of inflation averaging below 3% well into 2025.

Former Finance Secretary Margarito B. Teves confirmed that risks to rice prices are tilted downward, supporting the BSP's plans for further interest rate cuts in December.