Philippine Inflation Surges to 3-Year High

2026-05-05 01:13 By Kyrie Dichosa 1 min. read

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.



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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.
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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.
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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.
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