Philippines Producer Inflation Hits Over 3-Year High

Producer prices in the Philippines rose by 2.9% year-on-year in May 2026, accelerating from an upwardly revised 2.6% in the previous month. It marked the highest reading since March 2023, driven primarily by a faster increase in prices for the manufacture of computer, electronic, and optical products (5.9% vs 4.4% in April), which accounted for 50.8% of the overall annual growth in producer prices. Other major contributors included the manufacture of basic metals (5.4% vs 3.8%) and chemicals and chemical products (3.9% vs 3.2%). Meanwhile, price growth for the manufacture of food products eased (1.3% vs 1.5%), largely reflecting a steeper decline in vegetable and animal oils and fats (-4.9% vs -3.5%). On a monthly basis, producer prices rose 0.2% in May, following a revised flat reading in April. For the January–May period, the producer prices averaged a 2.1% increase compared with the same period a year earlier.

Producer prices in the Philippines rose by 2.4% year-on-year in April 2026, easing slightly from an upwardly revised 2.6% increase in March, which had marked the highest reading in three years. The moderation was mainly due to slower price growth for coke and refined petroleum products (5.3% vs 8.2% in March), which accounted for 62.7% of the annual increase in the manufacturing PPI during the month. Price growth also softened for computer, electronic, and optical products (4.3% vs 4.9%) and basic metals (3.8% vs 4.9%). Meanwhile, inflation picked up for food (1.4% vs 1.2%), led by the processing and preserving of fish, crustaceans, and mollusks industry, which recorded a 1.8% rise after falling 2.3% in the prior month. Other notable price increases were observed in transport equipment (1.9% vs 1.0%), chemicals and chemical products (1.8% vs 0.8%), and other non-metallic mineral products (2.0% vs 0.9%). Monthly, the PPI edged down by 0.1%, after an upwardly revised 1.2% rise in March.

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.