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2026-04-07 10:54:42
[Energy price surge pushes Philippine inflation to 4.1% in March, central bank faces policy test] (1) The Philippines' overall CPI rose 4.1% year-on-year in March, a significant acceleration from 2.4% in February. This is the first inflation data since the Middle East conflict, exceeding the central bank's forecast range (3.1%-3.9%) and market expectations. (2) Food and beverage, housing, water, electricity, fuel, and transportation were the three main drivers; the core inflation rate rose from 2.9% to 3.2%. The average inflation rate in the first quarter was 2.8%. (3) The Philippines is heavily reliant on Persian Gulf oil, and diesel and gasoline prices have risen by about 80% and 50% respectively compared to pre-war levels. The government has declared an energy emergency, and the central bank's policy decision on April 23 will take the latest data into account.
