November inflation improves to 1.5%

Government officials especially the economic team of President Bongbong Marcos were happy to report that the inflation rate in November was down to 1.5%, a tiny improvement from October’s 1.7%, according to the Philippine Statistics Authority (PSA).

The PSA pointed out that the latest inflation rate figure is lower compared to the same month in 2024, which was 2.5%.

In its December 5 report, the PSA said downward trajectory of the inflation numbers was due to the slower rise in heavily-weighted food and non-alcoholic beverages, which was a mere 0.1% in November compared to 0.5% the previous month.

Economic Planning Secretary Arsenio Balisacan stressed that: “The sustained moderation in inflation reflects our commitment to protect consumers and strengthen our economic resilience against global and domestic headwinds. We will continue implementing timely, well-coordinated policies to keep prices stable and ensure progress is felt by every Filipino.”

Some observers said the authorities have little reason to gloat over the measly improvement in inflation numbers, since 0.2% difference barely makes a difference.

It was also pointed out that perusing the commodity groups, faster inflation rates were notched in more basic goods and services such as housing, water, electricity, gas and other fuels (2.9% from 2.7%), transport (1.7% from 0.9%), recreation, sport and culture (2.1% from 1.9%), and restaurants and accommodation services (2.6% from 2.4%).

Meanwhile, lower inflation rates were recorded in November in the following: alcoholic beverages and tobacco (3.6% from 4.0%), furnishings, household equipment and routine household maintenance (2.0% from 2.4%), and personal care and miscellaneous goods and services (2.4% from 2.5%).

The statistics office said food inflation recorded an annual decline of 0.3%. This was due to a slower annual increase in vegetables, tubers, plantains, cooking bananas, and pulses (4.0%). Meat and other parts of slaughtered animals also had slower inflation rates (4.2%).

Slower inflation rates were also recorded for milk, other dairy products, and eggs (1.0%), and ready-made food and other food products not elsewhere classified (2.1%).

Sugar, confectionery, and desserts also had a faster annual decline of 0.3%.

However, the PSA noted that there were faster increases in the following commodity groups: flour, bread and other bakery products, pasta products, and other cereals (1.6%), fish and other seafood (8.6%), and oil and fats (9.7%).

Cereals and cereal products; sugar, confectionery and desserts; and fruits and nuts were the highest contributors to November 2025’s food inflation.

Lastly, core inflation, which excludes food and energy items, slowed down to 2.4% in November 2025 from 2.5% the previous month.

The Department of Economy, Planning, and Development said that the current inflation rate falls below the government’s range of 2.0% to 4.0%.