Philippine inflation projected to hit three year high of 7.6 percent

Consumer prices in the Philippines likely rose at their fastest pace in more than three years in October 2026. According to The Star, higher costs for food and oil alongside increased transport fares drove the acceleration. This trend adds pressure on the Philippine central bank to raise interest rates further. [1]

The Star reported that inflation likely accelerated to 7.6 percent year on year last month, based on the median estimate of 19 economists surveyed by the Philippine Daily Inquirer. If realised, this rate will mark an increase from the 7.2 percent rate recorded in September 2026. [1]

An October rate of 7.6 percent would represent the fastest pace of inflation since February 2023, when consumer price growth reached 8.6 percent. The projection falls within the estimate range of Bangko Sentral ng Pilipinas. [1]

Global price increases follow a broader inflation surge that began in mid 2021 after the COVID 19 pandemic. That worldwide surge was driven by supply chain disruptions, economic dislocation, and large fiscal stimulus provided by governments and central banks. [2]