Philippines Producer Inflation Hits Near 3-Year High

Producer prices in the Philippines jumped by 2.5% year-on-year in March 2026, accelerating from 1.4% in the previous month. This marked the highest level since April 2023, largely driven by higher costs in the manufacture of coke and refined petroleum products (8.7% vs 3.6%), which accounted for 49.4% of the annual growth in manufacturing PPI. Prices also rose faster for computer, electronic and optical products (5.3% vs 3.4%), basic metals (4.3% vs 3.2%), beverages (2.0% vs 1.7%), fabricated metal products, except machinery and equipment (2.2% vs 1.8%), and tobacco products (1.6% vs 0.9%). Meanwhile, inflation eased for food products (0.7% vs 0.9%), weighed down by the vegetable and animal oils and fats group, which posted a 1.4% decline after a 0.4% increase. Deflation also persisted in paper and paper products (-1.2% vs -1.0%). On a monthly basis, producer prices rose 0.9% in March, rebounding from a 0.1% decline in the previous month.

Producer prices in the Philippines rose by 1.4% year-on-year in February 2026, up from a downwardly revised 1.3% in January, marking the highest level since May 2023. Costs increased in the manufacture of computer, electronic and optical products (2.9% vs 2.7%), which accounted for 26.6% of the annual growth in manufacturing PPI. Prices also picked up in beverages (1.7% vs 1.1%), basic metals (2.6% vs 2.3%), coke and refined petroleum products (3.6% vs 3.4%), fabricated metal products except machinery and equipment (2% vs 1.7%), and furniture (1.7% vs 0.9%). Meanwhile, inflation increased at a slower pace in food products (1.2% vs 1.4%), weighed down by the vegetable and animal oils and fats group, which posted 6.8% growth from 7.6% in January. Costs also moderated in transport equipment (1.2% vs 1.5%), while deflation persisted in rubber and plastic products (-1.4% vs -0.8%). On a monthly basis, producer prices fell 0.1% in February, reversing from 0.2% growth in the previous month.

Producer prices in the Philippines rose by 1.5% year-on-year in January 2026, accelerating from a downwardly revised 0.8% in the previous month and marking the highest reading since May 2023. Costs rebounded for food products (1.3% vs -0.1% in December), contributing 38.5% to the faster annual growth in manufacturing PPI. Prices also rose at a faster pace for computer, electronic and optical products (2.6% vs 0.8%), machinery and equipment except electrical (2.2% vs -0.4%), and wood, bamboo, cane, rattan articles and related products (1% vs -0.4%). Meanwhile, inflation eased for coke and refined petroleum products (3.4% vs 4.3%) and tobacco products (1.9% vs 3.5%), while prices declined for electrical equipment (-1.5% vs 0.2%) and wearing apparel (-0.5% vs 1.1%). On a monthly basis, producer prices rose by 0.5%, following a downwardly revised 0.1% increase in December.