Philippines Inflation Rate

The annual inflation rate in the Philippines eased to 1.5% in November 2025, down from 1.7% in October and below the expected 1.6%. This marked the lowest level in three months and remained well below the central bank’s 2%–4% target range. Price growth slowed for food and non-alcoholic beverages (0.1% vs 0.5% in October), reflecting softer annual increases in vegetables, tubers, plantains, cooking bananas, and pulses. Inflation also moderated for alcoholic beverages and tobacco (3.6% vs 4.0%), furnishings and household equipment (2.0% vs 2.4%), restaurants and accommodation services (2.6% vs 2.4%), and personal care and miscellaneous goods (2.4% vs 2.5%). In contrast, price pressures picked up for housing, water, electricity, gas, and other fuels (2.9% vs 2.7%), as well as transport (1.7% vs 0.9%). On a monthly basis, the CPI grew 0.2%, following a 0.1% gain in October. Core inflation, which excludes certain food and energy items, eased to 2.4%, a four-month low, from 2.5% in October.