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. source: Philippine Statistics Authority

Inflation Rate in Philippines increased to 4.10 percent in March from 2.40 percent in February of 2026. Inflation Rate in Philippines averaged 7.89 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 April of 2026.

Inflation Rate in Philippines increased to 4.10 percent in March from 2.40 percent in February of 2026. Inflation Rate in Philippines is expected to be 5.50 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
2026-03-05 01:00 AM
Inflation Rate YoY
Feb 2.4% 2% 2.4% 2.1%
2026-04-07 01:00 AM
Inflation Rate YoY
Mar 4.1% 2.4% 3.6% 3.5%
2026-05-05 01:00 AM
Inflation Rate YoY
Apr 4.1% 5.0%

Components Last Previous Unit Reference
Food Inflation 3.00 1.80 percent Mar 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 133.00 131.20 points Mar 2026
Core Consumer Prices 131.70 131.20 points Mar 2026
Core Inflation Rate YoY 3.20 2.90 percent Mar 2026
CPI Housing Utilities 127.30 126.00 points Mar 2026
CPI Transportation 142.30 130.00 points Mar 2026
Export Prices 114.65 113.37 points Dec 2025
GDP Deflator 124.02 118.62 points Dec 2025
Import Prices 122.85 123.13 points Dec 2025
Inflation Rate YoY 4.10 2.40 percent Mar 2026
Inflation Rate MoM 1.40 0.20 percent Mar 2026
Producer Prices 99.51 99.65 points Feb 2026
PPI YoY 1.40 1.30 percent Feb 2026
Retail Price Index YoY 2.10 2.10 percent Feb 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
4.10 2.40 62.80 -2.10 1958 - 2026 percent Monthly

News Stream
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
Philippine Inflation Rises to 13-Month High
The annual inflation rate in the Philippines rose to 2.4% in February 2026 from 2% in the previous month, matching market expectations. The latest figure marked the highest reading since January 2025, mainly driven by faster increases in prices for food and non-alcoholic beverages (1.8% vs 1.1% in January), furnishings, household equipment and maintenance (2.9% vs 2.3%), recreation, sport, and culture (4.3% vs 2.2%), and restaurant and accommodation services (4.4% vs 4%). On the other hand, costs continued to decline for transport (-0.3% vs -0.2%), while inflation softened for information and communication (0.7% vs 0.8%). On a monthly basis, consumer prices went up by 0.2% in February, slowing from a 0.8% gain in the preceding period. Meanwhile, core inflation, which excludes certain food and energy items, rose to 2.9%, marking the highest since July 2024, from 2.8% in the prior month.
2026-03-05
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