The inflation rate eased last October to 4.9 percent as government measures, such as the cap on rice prices and a campaign against rice hoarding, made an impact.                  

"The positive development is a result of the government's decisive and timely actions in mitigating inflation, a testament to President Ferdinand R. Marcos Jr.'s firm resolve to protect the purchasing power of Filipino families," Finance Secretary Benjamin Diokno said.

The downtrend in inflation was due mainly to slower
year-on-year increases in the prices of food and non-alcoholic beverages, restaurants, and accommodation services.

The National Economic and Development Authority, or NEDA, assured the public the government would continue to assist the most vulnerable sectors.

Another possible cause of inflation analysts see is the El Niño weather phenomenon, which is expected to linger until mid-2024.

The country is experiencing a moderate El Niño, which is expected to strengthen until the second quarter, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration, or PAGASA.

The weather occurrence is expected to result in below-normal rainfall across the country and may adversely impact agricultural production and energy generation.

 Statistics Authority, or PSA, reported yesterday that inflation in October significantly slowed to 4.9 percent from 6.1 percent the previous month, bringing the year-to-date inflation rate to 6.4 percent.

"As inflation eases, it is crucial to continue monitoring the prices of commodities, particularly food, transportation, and energy, amid global challenges such as geopolitical uncertainties and El Niño," Socioeconomic Planning Secretary Arsenio Balisacan said.