By: Sophia Pacheco
Photo courtesy: Jire Carreon / Rappler
The Philippine Statistic Authority (PSA) reported at a press conference on Tuesday that the country's headline inflation rate increased from 1.4% in September to 2.9% in October.
Its key driver was increasing food, nonalcoholic beverage, and transportation prices, which were in line with the Bangko Sentral ng Pilipinas (BSP) prediction of 2.0% to 2.8%.
Preliminary figures from the agency show that the consumer price index (CPI) rose to 2.3 percent year on year in October, up from 1.9 percent in September. However, as mentioned, the current rate of inflation is lower than the 4.9 percent seen a year ago; in October 2023, it was 4.9%.
National Statistician and PSA Chief Undersecretary Dennis Mapa stated that inflation advanced further last month, as measured by the rate of growth in the price of goods and services.
"This brings the national average inflation rate from January to October 2024 to 3.3%," according to Mapa.
Despite the increase, the National Economic and Development Authority (NEDA) and the Bangko Sentral ng Pilipinas (BSP) expect inflation to remain within goal this year.
"The latest inflation figures confirm that we are on track to keep inflation within target. The government is fully committed to ensuring price stability and protecting Filipino households from undue shocks," NEDA Secretary Arsenio Balisacan said in a statement.
Despite the October increase in inflation, the Bangko Sentral ng Pilipinas (BSP) also states that it will continue to lower interest rates cautiously.
“The latest inflation outturn is consistent with the BSP’s assessment that inflation will continue to trend closer to the low end of the target range over the succeeding quarters,” the BSP said in a statement.
To achieve price stability, the BSP emphasizes the importance of taking a careful approach during its monetary easing cycle.
Unemployment Rate in the Philippines for the month of September
The unemployment rate in the Philippines is at 3.7%. The Philippine Statistics Authority (PSA) has recorded 1.89 million Filipinos as jobless. It is lower than the figure for August, when 2.07 million Filipinos were reported as unemployed.
PSA also revealed that Filipinos worked less in September 2024 than they did in August 2024. The labor force participation rate (LFPR) has also increased, from 64.8% in August 2024 to 65.7% in September 2025.
Addressing these circumstances, the National Economic and Development Authority (NEDA) stated that the government's primary objective is to provide quality jobs for Filipino workers.
“...We will strengthen collaboration with the private sector and academe to upskill the workforce, particularly in using digital technologies and other innovations," NEDA Secretary Arsenio Balisacan said.