The Philippines' headline inflation climbed to 2.3% in October from 1.9% in September, lifted by higher food and non-alcoholic beverage costs, according to data released by the Philippine Statistics Authority on Tuesday.

This brought the year-to-date inflation rate to 3.3%, down from 4.9% a year earlier.

Food inflation reached 3% as rice and corn prices surged, with slower declines in transport costs further contributing to inflationary pressures.

Core inflation, which excludes volatile food and energy, remained steady at 2.4% in October, well below the 5.3% recorded last year.

Inflation in the National Capital Region (NCR) eased to 1.4%, while areas outside NCR saw inflation accelerate to 2.6%, driven by a 3.1% increase in food costs.

Western Visayas recorded the highest regional inflation at 3.9%, with the Cordillera Administrative Region posting the lowest at 1.4%.

ING Research said future rate decisions would hinge not only on domestic inflation but also on the performance of Asian currencies, particularly the Philippine peso (PHP), in response to the outcome of the US presidential election.

"A period of uncertainty lies ahead until we have more clarity," ING Research said.