The Department of Finance (DOF) says the lower November inflation rate reflects the Marcos administration’s successful efforts to keep food prices under control.

In a statement Friday, the agency said the 1.5 percent inflation rate — well below the Bangko Sentral ng Pilipinas’ (BSP) 2 to 4 percent target — resulted from “targeted government measures” that eased food prices, in line with President Ferdinand R. Marcos Jr.’s directive to protect Filipinos’ purchasing power.

“This is evidence that our interventions are working. We will continue to do our part at the Department of Finance to ensure that our policies keep both food and non-food commodities affordable for Filipino families,” Finance Secretary Frederick Go said.

According to the Philippine Statistics Authority (PSA), the 0.2-percentage point drop from October’s 1.7 percent was driven largely by declining prices of food and non-alcoholic beverages, which fell 0.3 percent year-on-year — compared with a 0.2 percent increase in October and a 3.5 percent increase in November last year.

Low-income households saw even greater relief, with inflation for the bottom 30 percent dropping to –0.2 percent, its sixth straight month of decline. Food, utilities, and transport were the primary drivers of the contraction.

The DOF also highlighted better rice prices, averaging P44.19 per kilo — significantly lower than P52.59 a year earlier — noting that the national government has accelerated efforts to ensure an affordable and stable food supply ahead of the holiday season.

The Department of Agriculture (DA) recently issued suggested retail prices for pork, onions, and imported rice — effectively acting as a price ceiling to ensure affordability during the Christmas season. President Marcos also signed Executive Order No. 105, extending the 15 percent tariff on imported rice until year-end to help stabilize domestic prices amid movements in the global market.

“The DA has taken steps in recent weeks to ensure prices remain stable, if not lower, especially during the Christmas season when demand surges and price pressures intensify,” said Agriculture Secretary Francisco P. Tiu Laurel Jr.

Beginning next year, EO 105 introduces automatic tariff adjustments based on international rice prices. This will be overseen by the new Inter-Agency Group on Rice Tariff Adjustment, of which the DOF is a member.