Photo courtesy of Philippine Statistics Authority.
Inflation accelerated to 7.2 percent in April, its fastest pace in more than three years, as rising fuel prices and higher food costs pushed consumer prices further above the government’s target range.
Data released Tuesday by the Philippine Statistics Authority (PSA) showed inflation quickened sharply from the 4.1 percent recorded in March.
The latest figure marked the highest since March 2023, when headline inflation reached 7.6 percent.
April’s reading also exceeded the 2 to 4 percent goal set by the Bangko Sentral ng Pilipinas and came in above market expectations.
Food prices remained the biggest contributor to the increase, accounting for 37.3 percent of the overall uptick, with inflation in the sector rising to 6 percent from 2.9 percent a month earlier.
Transport costs also climbed sharply, contributing 33.1 percent to overall inflation as the sector’s inflation rate accelerated to 21.4 percent from 9.9 percent in March.
The PSA said higher fuel prices drove much of the increase, with gasoline inflation climbing to 59.6 percent while diesel prices rose by 122.7 percent during the period.
Economists said continued tensions in the Middle East, along with elevated global oil prices and a weaker peso, continued to put pressure on domestic prices and import costs.