Philippine inflation rises to 13-month high

Philippine inflation accelerated to a 13-month high in February as prices of rice, fuel and utilities increased, according to the Philippine Statistics Authority showed on Wednesday.

The consumer price index rose 2.4% in February from a year earlier, from 2% in January and 2.1% a year ago. It was the quickest since 2.9% in January 2025.

The rate fell within the 2.3%–3.1% forecast of the Bangko Sentral ng Pilipinas and matched the 2.4% median estimate in a BusinessWorld poll of 17 analysts.

Inflation remained within the central bank’s 2%–4% target for a second straight month, bringing the average rate for January and February to 2.2%.

National Statistician Claire Dennis S. Mapa said faster price increases in food and nonalcoholic beverages, housing and utilities and restaurants and accommodation services drove the headline rate higher last month.

Core inflation, which strips out volatile food and fuel prices, edged up to 2.9% in February from 2.8% in January and 2.4% a year earlier. It was the fastest since 3.1% in June 2024.

Inflation for the bottom 30% of income households also accelerated, rising to 2.5% in February from 1.6% in January and 1.5% a year earlier. That marked the quickest pace since November 2024, when it reached 2.9%. — Katherine K. Chan