Manila: The Philippines' year-on-year headline inflation rate held steady at 1.7 percent in October, mirroring the annual growth rate recorded in September, as reported by the Philippine Statistics Authority (PSA) on Wednesday. The consistent inflation rate comes as the country continues to grapple with price stability challenges.

According to Namibia Press Agency, PSA Chief Dennis Mapa highlighted at a news conference that the top three commodity groups contributing to the October inflation rate were housing, water, electricity, gas, and other fuels with a 34.6 percent share; restaurants and accommodation services with a 14.6 percent share; and food and non-alcoholic beverages with a 13.0 percent share. Food inflation at the national level recorded a slower annual increase of 0.3 percent in October, down from 0.8 percent in September.

Core inflation, excluding selected food and energy items, decreased to 2.5 percent in October from 2.6 percent in September. In October 2024, the PSA had noted a 2.4 percent core inflation rate, indicating a slight change over the year.

In a separate statement, the Philippines' Department of Economy, Planning, and Development (DEPDev) emphasized the government's ongoing efforts to stabilize prices and ensure an adequate supply of essential goods. These measures aim to maintain stable inflation, safeguard household welfare, and promote sustained, inclusive growth. The DEPDev also noted the government's vigilance in managing risks arising from weather disturbances, global market volatility, and other domestic factors that could affect prices in the coming months.