MANILA – President Rodrigo Duterte's economic managers said Wednesday were optimistic inflation would "stabilize" in the near term after price increases slowed for the first time this year in November.

Inflation eased to 6 percent from 6.7 percent in September and October. The economic team said this showed that price-taming measures are working.

"We are optimistic that inflation will stabilize further in the near term. But we will keep a vigilant eye on upward pressures such as volatility in the global oil market," they said in a joint statement.

"It’s comforting for us that the slowdown will alleviate the struggles of poor Filipinos, especially now that the holiday season is just around the corner. This makes us even more determined in curbing inflation and enforcing all measure to guarantee food security," they said.