Inflation remained benign in October at 0.8 percent, marking another three-year low and the fifth straight month of decline.
In a statement, the National Economic and Development Authority said the latest figure makes the full-year target of 2-4 percent within reach.
“Weaker non-food inflation and partly base effects drove the subdued outturn, coming from 6.7 percent in the same period last year,” NEDA said in a statement.
The agency also cited food deflation as rice prices fell 9.7 percent compared to last year’s surge.
Among they key risks cited by the government are cases of African Swine Fever in Rizal, Pangasinan, Bulacan, Nueva Ecija, Pampanga, Cavite, and Quezon City.
“The livestock industry in the said ASF-stricken areas, which accounts for 21.7 percent of the country’s total hog production last year, remains at high risk. The government and private companies must collaborate to manage, contain, and control the spread of the disease,” NEDA OIC and Undersecretary for Regional Development Adoracion Navarro said in a statement.
The Bangko Sentral ng Pilipinas said separately that inflation has bottomed out, with inflation on its way up in November and December