The annual inflation rate in the Philippines rose to 2% in January 2026, exceeding both market forecasts and the previous month’s 1.8%. This also marked the highest reading since February, mainly driven by a sharp increase in housing and utility costs, which climbed to 3.3%, a fifteen-month high, from 2.5% in December. Prices also rose faster for furnishings, household equipment and maintenance (2.3% vs 1.9%), restaurants and accommodation services (4% vs 2.4%), and personal care, miscellaneous goods and services (2.6% vs 2.2%). In contrast, inflation softened for food and non-alcoholic beverages (1.1% vs 1.4%) and alcoholic beverages and tobacco (3.1% vs 3.3%), while transport costs declined for the first time in five months (-0.3% vs 0.3%). On a monthly basis, consumer prices increased by 0.8% in January, following a 0.9% gain in the preceding period. Core inflation, which excludes certain food and energy items, rose to 2.8%, the highest since July 2024, from 2.4% in December. source: Philippine Statistics Authority

Inflation Rate in Philippines increased to 2 percent in January from 1.80 percent in December of 2025. Inflation Rate in Philippines averaged 7.90 percent from 1958 until 2026, reaching an all time high of 62.80 percent in September of 1984 and a record low of -2.10 percent in January of 1959. This page provides the latest reported value for - Philippines Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Philippines Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Inflation Rate in Philippines increased to 2 percent in January from 1.80 percent in December of 2025. Inflation Rate in Philippines is expected to be 1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Inflation Rate is projected to trend around 2.60 percent in 2027 and 2.80 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-06 01:00 AM
Inflation Rate YoY
Dec 1.8% 1.5% 1.4% 1.3%
2026-02-05 01:00 AM
Inflation Rate YoY
Jan 2% 1.8% 1.8% 1.7%
2026-03-05 01:00 AM
Inflation Rate YoY
Feb 2%

Components Last Previous Unit Reference
Food Inflation 1.10 1.40 percent Jan 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 131.00 130.00 points Jan 2026
Core Consumer Prices 130.90 130.00 points Jan 2026
Core Inflation Rate YoY 2.80 2.40 percent Jan 2026
CPI Housing Utilities 125.40 124.20 points Jan 2026
CPI Transportation 129.90 130.40 points Jan 2026
Export Prices 113.27 114.86 points Sep 2025
GDP Deflator 124.02 118.62 points Dec 2025
Import Prices 122.98 124.57 points Sep 2025
Inflation Rate YoY 2.00 1.80 percent Jan 2026
Inflation Rate MoM 0.80 0.90 percent Jan 2026
Producer Prices 99.50 99.26 points Dec 2025
PPI YoY 0.90 0.08 percent Dec 2025
Retail Price Index YoY 1.50 1.40 percent Dec 2025


Philippines Inflation Rate
In Philippines, the most important categories in the Consumer Price Index are: food and non-alcoholic beverages (39 percent of total weight); housing, water, electricity, gas and other fuels (22 percent) and transport (8 percent). The index also includes health (3 percent), education (3 percent), clothing and footwear (3 percent), communication (2 percent) and recreation and culture (2 percent). Alcoholic beverages, tobacco, furnishing, household equipment, restaurants and other goods and services account for the remaining 15 percent.
Actual Previous Highest Lowest Dates Unit Frequency
2.00 1.80 62.80 -2.10 1958 - 2026 percent Monthly

News Stream
Philippines Inflation Rate at 11-Month High
The annual inflation rate in the Philippines rose to 2% in January 2026, exceeding both market forecasts and the previous month’s 1.8%. This also marked the highest reading since February, mainly driven by a sharp increase in housing and utility costs, which climbed to 3.3%, a fifteen-month high, from 2.5% in December. Prices also rose faster for furnishings, household equipment and maintenance (2.3% vs 1.9%), restaurants and accommodation services (4% vs 2.4%), and personal care, miscellaneous goods and services (2.6% vs 2.2%). In contrast, inflation softened for food and non-alcoholic beverages (1.1% vs 1.4%) and alcoholic beverages and tobacco (3.1% vs 3.3%), while transport costs declined for the first time in five months (-0.3% vs 0.3%). On a monthly basis, consumer prices increased by 0.8% in January, following a 0.9% gain in the preceding period. Core inflation, which excludes certain food and energy items, rose to 2.8%, the highest since July 2024, from 2.4% in December.
2026-02-05
Philippines Inflation Rate at 9-Month High
The annual inflation rate in the Philippines rose to 1.8% in December 2025, from a three-month low of 1.5% in the previous month, surpassing market expectations of 1.4%. It marked the highest reading since March, primarily driven by a sharp increase in heavily weighted food and non-alcoholic beverages (1.4% vs 0.1% in November), particularly vegetables, tubers, cooking bananas and pulses and oils and fats. Inflation also increased at a faster pace for clothing and footwear (2.2% vs 1.8%). On the other hand, costs moderated for housing and utilities (2.5% vs 2.9%), transport (0.3% vs 1.7%), and alcoholic beverages and tobacco (3.3% vs 3.6%). On a monthly basis, consumer prices rose to 0.9% from 0.2% in November, above market forecasts of 0.3%. Meanwhile, core inflation, which excludes certain food and energy items, stood at 2.4% in December. The Philippines’ annual average inflation rate for 2025 stood at 1.7%, lower than the 2024 annual average inflation rate of 3.2%.
2026-01-06
Philippines Inflation Rate Falls to 1.5%
The annual inflation rate in the Philippines eased to 1.5% in November 2025, down from 1.7% in October and below the expected 1.6%. This marked the lowest level in three months and remained well below the central bank’s 2%–4% target range. Price growth slowed for food and non-alcoholic beverages (0.1% vs 0.5% in October), reflecting softer annual increases in vegetables, tubers, plantains, cooking bananas, and pulses. Inflation also moderated for alcoholic beverages and tobacco (3.6% vs 4.0%), furnishings and household equipment (2.0% vs 2.4%), restaurants and accommodation services (2.6% vs 2.4%), and personal care and miscellaneous goods (2.4% vs 2.5%). In contrast, price pressures picked up for housing, water, electricity, gas, and other fuels (2.9% vs 2.7%), as well as transport (1.7% vs 0.9%). On a monthly basis, the CPI grew 0.2%, following a 0.1% gain in October. Core inflation, which excludes certain food and energy items, eased to 2.4%, a four-month low, from 2.5% in October.
2025-12-05