Philippine inflation rose to a five- month high of 3.4 percent in February on back of increased food prices, the National Statistics Office (NSO) said Tuesday.

This was the fastest inflation growth recorded since September, when the rate was at 3.6 percent.

The actual inflation rate was within the central bank's forecast range of 2.8 to 3.7 percent for February.

"The turnout brings year to date average inflation to 3.2 percent, still very close to the lowerbound of the government's target range of three to five percent," Amando Tetangco, Jr, central bank governor, said in a text message sent to reporters.

Tetangco said inflation remains manageable and if necessary, will make adjustments to monetary policy settings to keep inflation expectations in line with inflation target.