April misery index worsens to 26.4%, highest in over three years

The Philippines’ adjusted misery index climbed to over a three-year high of 26.4% in April from 20.8% in March. It was the worst reading since it logged 26.9% in January 2023. The worsening of the index was driven by inflation accelerating to a 37-month high of 7.2% and underemployment reaching a 33-month high of 15.2% for that month. The index incorporates adjusted underemployment rate* alongside inflation and unemployment rates and offers a broader measure of economic discomfort. Originally developed by economist Arthur Okun, a lower misery index typically signals better economic health while a higher level suggests worsening economic conditions.