The Philippines’ inflation rate rose to 7.2 percent in April, driven by sharp increases in food and fuel costs, the Philippine Statistics Authority (PSA) reported on Tuesday.
The latest figure marks a significant jump from March’s 4.1 percent and exceeds the Bangko Sentral ng Pilipinas’ forecast range of 5.6 to 6.4 percent. It also surpasses the government’s 2 to 4 percent target band. The last time inflation reached a comparable level was in March 2023, when it hit 7.6 percent.
According to PSA Undersecretary and National Statistician Claire Dennis Mapa, the main contributors to April inflation were rising prices of rice and fuel. Food inflation climbed to 6.1 percent from 2.7 percent in March, with rice prices alone surging 13.7 percent from 3.5 percent the previous month.
Transport costs also posted a steep increase, rising 21.4 percent in April from 9.9 percent in March. Meanwhile, housing, water, electricity, gas, and other fuels rose by 8.2 percent, up from 4.7 percent previously.
Fuel prices saw dramatic spikes during the month. Diesel prices jumped by 124 percent, gasoline rose by 60.5 percent, and LPG increased by 44.7 percent.
Lower-income households were hit harder, with inflation for the bottom 30 percent of the population reaching 8.5 percent.
For the first four months of the year, average inflation stood at 3.9 percent, nearing the upper end of the government’s target range.
Core inflation—which excludes volatile food and energy prices—also edged up to 3.9 percent in April from 3.2 percent in March.
Mapa warned that food prices remain a key risk moving forward, particularly as higher fuel costs affect supply. Rising fuel expenses have limited fishing activity, reducing output and pushing prices of fish and vegetables higher.
The Department of Economy, Planning and Development said the government is stepping up targeted measures to ease price pressures on food, energy, and transport.
“Our priority is to ensure stable fuel supply, manageable prices, and adequate protection for all sectors amid ongoing domestic and global challenges,” Economic Planning Secretary Arsenio Balisacan said.
