Philippine annual inflation sizzles to 7.2% in April

Inflation in the Philippines skyrocketed to a three-year high of 7.2% in April as the oil shock continued to push fuel and food prices higher, the Philippine Statistics Authority reported on Tuesday, May 5.

This is nearly double the 4.1% inflation print recorded in March and over five times faster than the 1.4% inflation rate logged a year before. It is also the highest inflation rate since March 2023, and the increase is the largest since the one from December 1993 to January 1994, when inflation jumped from 7.4% to 12.8%.

The latest inflation figures place the 2026 average print at 3.9%, on the upper end of the government target range of 2% to 4%.

National Statistician Dennis Mapa said historically high fuel prices remain the main driver for inflation, with gasoline prices logging a 59.6% inflation rate and diesel seeing a triple-digit inflation print at 122.7%.

Despite consecutive rollbacks in the past few weeks, Mapa said fuel prices remain elevated due to the Middle East situation.

Food prices, particularly the cost of rice and fish, were also among the main drivers of the faster inflation rate in April.

Inflation of rice and cereal products shot up to 11% in April from March’s 3.6%, while inflation of fish prices jumped to 9.4% from 6.6%.

Mapa said the soaring prices of fuel may have deterred some fisherfolk from fishing.

“So, ‘pag konti ‘yung lumalabas o hindi lumalabas ‘yung ating mga fisherfolk, siyempre bumababa ‘yung ating production,” he said.

(So, if only a few fisherfolk head out to sea or they don’t at all, of course our production is going to go down.)

Inflation of liquefied petroleum gas (LPG) prices also surged to 45.8% from 3.7%.

In Metro Manila, inflation accelerated to 5.5% in April from 3.5% due to higher utility prices brought by the oil shock. Meanwhile, areas outside Metro Manila recorded an average inflation rate of 7.7%, nearly double the previous inflation print of 4.2%.

Central Visayas continued to log the fastest inflation rate at 10.8% compared to March’s 7.4%, while the Negros Island Region recorded the slowest at 4.9% from 1.5%.

In a statement, the Department of Economy, Planning, and Development (DEPDev) vowed to ramp up efforts to cushion the impact of the oil shock on vulnerable sectors. This includes the Department of Energy’s search for alternative energy sources while developing local capacity to ensure stable fuel supply.

DEPDev also noted targeted support being provided to vulnerable sectors, such as the service contracting program of the Land Transportation Franchising and Regulatory Board.

“As of April 24, 2026, 1.11 million drivers were given financial assistance. As of April 27, 2026, there have also been 366,009 fuel subsidy recipients and 2.36 million commuters who were given 20% fare discounts,” the socioeconomic planning department said.

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The Bangko Sentral ng Pilipinas earlier forecast inflation could soar between 5.6% and 6.4% as higher fuel prices have begun to impact the cost of food and electricity.

Source: Rappler