MANILA — Headline inflation in the Philippines slowed to 1.5 percent in November 2025 from 1.7 percent in October, the Philippine Statistics Authority (PSA) reported, bringing the national average inflation from January to November 2025 to 1.6 percent.

This is lower than the 2.5 percent recorded in November 2024, it said.

The slower inflation was largely driven by subdued growth in the food and non-alcoholic beverages index, which rose 0.1 percent in November from 0.5 percent in October. Other commodity groups that contributed to the slowdown included alcoholic beverages and tobacco (3.6 percent from 4.0 percent), furnishings and household equipment (2.0 percent from 2.4 percent), and personal care and miscellaneous goods (2.4 percent from 2.5 percent).

Conversely, faster annual price increases were noted in housing, water, electricity, gas, and other fuels (2.9 percent from 2.7 percent); transport (1.7 percent from 0.9 percent); recreation, sport, and culture (2.1 percent from 1.9 percent); and restaurants and accommodation services (2.6 percent from 2.4 percent).

The top contributors to overall inflation were housing, water, electricity, gas, and other fuels (0.6 percentage point); restaurants and accommodation services (0.3 percentage point); and transport (0.2 percentage point).

Food Inflation

Food inflation posted an annual decline of 0.3 percent in November 2025, down from a 0.2 percent increase in October and from 3.5 percent in the same month last year. The slowdown was mainly due to slower increases in vegetables, tubers, plantains, and pulses (4.0 percent from 16.4 percent), as well as meat and other land animal products (4.2 percent from 5.2 percent).

Other contributors to slower food inflation included milk, dairy products, and eggs (1.0 percent from 1.6 percent) and ready-made food and other products (2.1 percent from 2.2 percent). Sugar, confectionery, and desserts also saw a faster decline of 0.3 percent from 0.1 percent.

Faster price increases were observed in flour and bakery products (1.6 percent from 1.5 percent), fish and seafood (8.6 percent from 8.2 percent), oils and fats (9.7 percent from 9.4 percent), and fruits and nuts (1.6 percent from -1.4 percent). Rice and corn continued to decline but at a slower pace—15.4 percent and 4.1 percent, respectively.

The main contributors to food inflation were cereals and cereal products (-3.3 percentage points), sugar, confectionery, and desserts (-0.01 percentage point), and fruits and nuts (0.1 percentage point).

Core Inflation and Regional Trends

Core inflation, which excludes volatile food and energy items, slowed to 2.4 percent from 2.5 percent.

In the National Capital Region (NCR), inflation eased to 2.8 percent from 2.9 percent, influenced by slower growth in food, non-alcoholic beverages, and housing costs. Outside NCR, inflation decelerated to 1.2 percent from 1.3 percent, with the Bangsamoro Autonomous Region in Muslim Mindanao recording a 1.4 percent decline. Region VII (Central Visayas) remained the highest at 3.3 percent.

Officials noted that the slowdown in staple food prices and other key commodities provides breathing room for households, particularly low-income families, as they face the higher costs typically associated with the holiday season.