Inflation jumps to 7.2%, highest since 2023

Motorcycle riders wait at an intersection in Metro Manila on May 3, 2026, as the government suspends the onboarding of new TNVS and motorcycle taxi drivers. Philippine inflation surged to 7.2% in April, its fastest pace since March 2023, as higher food, transport and household costs pushed price growth well above expectations. The Philippine Statistics Authority said Tuesday, May 5, that headline inflation rose from 4.1% in March and 1.4% in April 2025. The latest figure brought average inflation from January to April to 3.9%, according to the PSA. Economists Reuters polled had expected April inflation to come in at 5.5%, making the actual rate a sharper-than-expected acceleration. This also matched median forecasts by the STAR at 5.6%. Core inflation, which excludes selected food and energy items, also picked up to 3.9% in April from 3.2% in March. The PSA attributed the faster increase to higher prices of food and beverages, transport and household costs. Price increases in food and non-alcoholic beverages quickened 6% in April from 2.9% in March—contributing to 31.9% of the overall rate. Rice: 13.7% Corn: 21% Fish and other seafood: 9.4% Vegetables, tubers, plantains, cooking bananas and pulses: 10.4% The PSA said cereals and cereal products, which include rice, corn and bread, accounted for more than half of food inflation during the month. Transport inflation also surged to 21.4% from 9.9%. Housing, water, electricity, gas and other fuels accelerated by 8.2% from 4.7%. The two segments contributed 27% and 23.2%, respectively. Inflation in Metro Manila quickened to 5.5% in April from 3.5% in March. But outside the capital region, inflation was faster, reaching 7.7% from 4.2% a month earlier. All regions outside Metro Manila posted higher inflation in April. Central Visayas recorded the highest regional inflation rate at 10.8%, while the Negros Island Region had the lowest at 4.9%. The April figures mark a reversal from slower inflation last year as households are dealing with higher fuel, electricity and basic commodity costs following the US and Israel's attacks on Iran that caused the surge in oil prices.