Britannica Sources used in this answer

How does somatostatin affect growth hormone, insulin, and glucagon secretion?

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Somatostatin acts primarily as an inhibitory hormone that regulates various physiological processes by suppressing the secretion of other key hormones.12

Regarding the specific hormones mentioned:

By inhibiting these hormones, somatostatin helps control the flow of nutrients, such as glucose, amino acids, and fatty acids, into and out of the circulation. Additionally, it serves as an inhibitory modulator in the gastrointestinal tract, where it suppresses the release of several other hormones, including gastrin.12