Inflation last month settled at 2.3 percent, mainly due to higher prices of food and non-alcoholic drinks, the Philippine Statistics Authority reported Tuesday.

October inflation was faster than the 1.9 percent recorded in September. Still, the latest inflation level fell within the 2 to 4 percent target of the Bangko Sentral ng Pilipinas (BSP).

Prices of food and non-alcoholic drinks rose to 2.9 percent from 1.4 percent.

"Upside risks to the inflation outlook could emanate from the potential adjustments in electricity rates and higher minimum wages in areas outside Metro Manila, while downside factors continue to be linked to the impact of lower import tariffs on rice," BSP said in a statement.