By Ted Cordero, November 7, 2023; GMA News Online

After two straight months of acceleration, inflation or the rate of increase in the prices of goods and services slowed down in October on the back of slower increases in food prices, the Philippine Statistics Authority (PSA) reported on Tuesday.

At a press briefing in Quezon City, National Statistician and PSA chief Claire Dennis Mapa said inflation rate clocked in at 4.9% last month, a deceleration from the 6.1% rate recorded in September.

October’s inflation print was also lower than the 7.7% rate seen in October 2022.

This is also the slowest rate since the 4.7% inflation seen in July this year.

Last month’s figure was also slower-than-expected as the Bangko Sentral ng Pilipinas’ (BSP) forecast that inflation for October would settle within 5.1% to 5.9%.

Year-to-date inflation rate stood at 6.4%, still above the government’s ceiling of 2% to 4%.