October inflation rises to 7.8%, the highest in 3 years and 8 months — transport costs up 20.1%

October inflation rises to 7.8%, the highest in 3 years and 8 months — transport costs up 20.1%

📌 On Thursday, November 5, the Philippine Statistics Authority (PSA) announced that October inflation rose to 7.8%, up from 7.2% in September. It is the highest in 3 years and 8 months, since February 2023, driven mainly by higher public transport fares and higher prices for gasoline, electricity, and LPG.

■ What's changing
· Transport inflation jumped from 14.6% in September to 20.1% in October. National Statistician Claire Dennis Mapa explained that the jeepney and tricycle fare hikes at the end of September had a major impact.
· Inflation for housing, water, electricity, gas, and other fuels rose from 8.4% to 9.3%, and for restaurants and accommodation services from 7.0% to 7.7%.
· Inflation for food and non-alcoholic beverages slowed from 6.7% to 6.1%, but rice rose further to 20.7%, up from 20.3% in September.
· Core inflation was 5.4%, the highest since September 2023, and the average inflation rate for January–October was 5.6%, above the government's target (2–4%).
· By region, Metro Manila was at 5.9%, while the rest of the country was at 8.2%.

■ Tips for residents and travelers
· Transport, electricity, and dining-out costs are all rising together, so it's a good idea to leave some extra room in your monthly living-expense budget.
· According to Philstar, the central bank (BSP) raised its key policy rate to 5.5% in October and plans to keep tightening as long as inflation stays above its target (3%), so it's worth keeping an eye on loan interest rates as well. The next monetary policy meeting is on December 17.

■ Sources
Philstar (11/5), Manila Bulletin (11/5), News5 (11/5), BusinessMirror (11/5), CLTV36 News (official Facebook, 11/5)

■ Photos
· 1. File photo · An attendant fueling a jeepney at a gas station — Philstar
· 2. File photo · A meat stall at a wet market — Manila Bulletin