The Philippines’ year-on-year headline inflation rate rose to 2.4 percent in February, up from 2.0 percent in January, according to the Bangko Sentral ng Pilipinas (BSP). The figure falls within the central bank’s projected range of 2.3 to 3.1 percent for the month.
For the first two months of the year, average inflation stood at 2.2 percent, still below the BSP’s 3.0 percent full-year target, but within its allowable ±1.0 percentage point range.
Inflation also increased among households in the lowest 30 percent income bracket, climbing from 1.6 percent in January to 2.5 percent in February.
The rise in inflation was largely driven by higher food prices. Prices of vegetables, fish, and seafood increased due to weather-related disruptions and the implementation of the closed fishing season. Meanwhile, rice inflation continued to ease, although at a slower pace, reflecting tighter supply following import restrictions imposed in late 2025 and the ongoing lean season.
Non-food inflation also edged higher, particularly in housing, water, electricity, gas and other fuels, as well as restaurants and accommodation services.
On a month-on-month seasonally adjusted basis, inflation accelerated from 0.1 percent in January to 0.4 percent in February.
Meanwhile, core inflation, which excludes volatile food and energy prices, inched up from 2.8 percent to 2.9 percent year-on-year.
The BSP’s Monetary Board said it will remain vigilant and continue to monitor incoming economic data. The central bank is also closely watching developments in the Middle East, noting that a potential rise in global oil prices could lead to broader inflationary pressures.
The BSP emphasized that it will keep its policy settings aligned with its goal of maintaining price stability while supporting sustainable economic growth and development. #
Source: BSP Press Release