The annual inflation rate in the Philippines eased to 6.8% in May 2026 from a three-year high of 7.2% in April, defying expectations of an increase to 7.5%. Transport inflation slowed to 16.2% from 21.4% in April, helped by a rollback in fuel prices later in the month. Still, it remained the largest contributor among all categories. Price growth also eased in food and non-alcoholic beverages (5.7% vs 6.0%) and housing, water, electricity, gas and other fuels (7.8% vs 8.2%). In contrast, inflation accelerated in clothing and footwear (3.0% vs 2.8%), furnishings and household maintenance (3.9% vs 3.5%), health (4.1% vs 3.8%), recreation and culture (5.2% vs 4.9%), and restaurants and accommodation services (6.7% vs 6.0%). On a monthly basis, the CPI fell 0.5%, the first decline in a year and against forecasts of a 0.2% gain. Meanwhile, annual core inflation jumped to 4.1%, slightly below forecasts of 4.2%, but marking the highest reading since December 2023. source: Philippine Statistics Authority

Inflation Rate in Philippines decreased to 6.80 percent in May from 7.20 percent in April of 2026. Inflation Rate in Philippines averaged 7.88 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 June of 2026.

Inflation Rate in Philippines decreased to 6.80 percent in May from 7.20 percent in April of 2026. Inflation Rate in Philippines is expected to be 8.30 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 4.00 percent in 2027 and 3.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-05 01:00 AM
Inflation Rate YoY
Apr 7.2% 4.1% 5.5% 5.8%
2026-06-05 01:00 AM
Inflation Rate YoY
May 6.8% 7.2% 7.5% 8.0%
2026-07-07 01:00 AM
Inflation Rate YoY
Jun 6.8% 8.3%



Components Last Previous Unit Reference
Food Inflation 5.70 6.00 percent May 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 135.80 136.50 points May 2026
Core Consumer Prices 133.20 132.80 points May 2026
Core Inflation Rate YoY 4.10 3.90 percent May 2026
CPI Housing Utilities 132.20 132.60 points May 2026
CPI Transportation 148.60 156.50 points May 2026
Export Prices 114.65 113.37 points Dec 2025
GDP Deflator 123.15 124.26 points Mar 2026
Import Prices 122.85 123.13 points Dec 2025
Inflation Rate YoY 6.80 7.20 percent May 2026
Inflation Rate MoM -0.50 2.60 percent May 2026
Producer Prices 100.46 100.59 points Apr 2026
PPI YoY 2.40 2.60 percent Apr 2026
Retail Price Index YoY 4.50 3.30 percent Apr 2026


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
6.80 7.20 62.80 -2.10 1958 - 2026 percent Monthly

News Stream
Philippines Inflation Unexpectedly Slows in May
The annual inflation rate in the Philippines eased to 6.8% in May 2026 from a three-year high of 7.2% in April, defying expectations of an increase to 7.5%. Transport inflation slowed to 16.2% from 21.4% in April, helped by a rollback in fuel prices later in the month. Still, it remained the largest contributor among all categories. Price growth also eased in food and non-alcoholic beverages (5.7% vs 6.0%) and housing, water, electricity, gas and other fuels (7.8% vs 8.2%). In contrast, inflation accelerated in clothing and footwear (3.0% vs 2.8%), furnishings and household maintenance (3.9% vs 3.5%), health (4.1% vs 3.8%), recreation and culture (5.2% vs 4.9%), and restaurants and accommodation services (6.7% vs 6.0%). On a monthly basis, the CPI fell 0.5%, the first decline in a year and against forecasts of a 0.2% gain. Meanwhile, annual core inflation jumped to 4.1%, slightly below forecasts of 4.2%, but marking the highest reading since December 2023.
2026-06-05
Philippine Inflation Surges to 3-Year High
The annual inflation rate in the Philippines jumped to 7.2% in April 2026 from 4.1% in March, marking the highest level since March 2023, and well above expectations of a 5.5% rise. This was also faster than the central bank’s inflation forecast of 5.6%–6.4%, as fuel prices saw some of their largest increases in the first two weeks of April, linked to the Iran conflict, before being rolled back later in the month. Transport inflation surged to 21.4% in April, significantly higher than 9.9% in March. Price growth also picked up across all components, including food and non-alcoholic beverages (6.0% vs 2.9%), housing and utilities (8.2% vs 4.7%), and furnishings, household equipment, and routine household maintenance (3.5% vs 3.1%). On a monthly basis, the CPI climbed 2.6%, the largest increase since January 1996, accelerating from a 1.4% gain in March and defying forecasts of a 1% rise. Meanwhile, annual core inflation also rose to 3.9%, the highest reading since December 2023.
2026-05-05
Philippines Inflation Rate Jumps to 4.1%
The annual inflation rate in the Philippines climbed to 4.1% in March 2026, the highest level since July 2024, and well above 2.4% in February. The reading also exceeded expectations of 3.6% and surpassed the central bank’s 2–4% target, as well as its 3.1%–3.9% projection for March, driven by oil price shocks and unprecedented local currency depreciation. Transportation costs saw the largest surge, rising 9.9% (vs -0.3% in February), fueled by gasoline and diesel price spikes of 27.3% and 59.5%, respectively, which accounted for 54.8% of the overall inflation acceleration. Prices rose across nearly all subcategories, including food and non-alcoholic beverages (3% vs 1.8%), housing and utilities (4.5% vs 3.5%), clothing and footwear (2.6% vs 2.4%), and furnishings (3.1% vs 2.9%). On a monthly basis, the CPI jumped 1.4%, the largest gain since January 2023, well above February’s 0.2% rise. Meanwhile, annual core inflation also rose to 3.2%, the highest reading since April 2024.
2026-04-07