Highlights on food security:

Headline inflation has remained above the BSP 2–4 percent target, averaging 6.4 percent in the first ten months of 2023 from 5.4 percent a year ago. High food inflation contributed to nearly half of headline inflation.

To mitigate the impact of high inflation on vulnerable sectors, the government approved targeted assistance transfer programs such as the digital food stamp program to ‘food poor’ families, cash subsidies to farmers, and fuel subsidies to public utility vehicle operators.