The Philippine Statistics Authority (PSA) said on Friday the country posted a slower inflation rate of 1.5 percent in November.

This was slower than the 1.7 percent clip seen in October and September, and was within the 1.1 to 1.9 percent forecast of the Bangko Sentral ng Pilipinas. From January to November, inflation averaged 1.6 percent, which was lower than the 2 to 4 percent target range of economic managers.

The PSA said food inflation at the national level saw an annual decline of 0.3 percent in November 2025 from a 0.2 percent annual increase in the previous month. 

PSA Assistant Secretary Divina Gracia del Prado said food inflation continued to ease  on the back of negative rice inflation. 

She noted that rice inflation has been negative after the government lowered tariffs for imported rice and implemented a maximum suggested retail price for the staple grain. 

“And now corn is also having a negative inflation starting I think February,” she said. 

Del Pardo also noted that vegetable inflation sharply slowed to 4 percent from 16.4 percent last month. 

She noted, however, that some vegetable prices still increased: the prices of beans went up to 12 percent this month from -12.4 percent in October, while inflation of potatoes climbed to 26.7 percent from 25.8 percent last month. 

“Because of weather disturbances, I heard from the news, naapektuhan din…so we have scarcity of galunggong kaya mataas din yung price niya,” she added. 

Meanwhile, core inflation, which excludes selected food and energy items, also slowed down to 2.4 percent in November 2025 from 2.5 percent in October 2025.

Benign inflation has allowed the BSP to ease monetary policy amid the slowdown in economic growth this year. Another rate cut is expected this month following the disappointing growth figures from the third quarter. 

The country’s top development economist has said that it is unlikely for the Philippines to meet even the lower end of its 5.5 to 6.5 percent growth rate for 2025.