Inflation in the Philippines climbed further to a three-year high of 7.2 percent in April. This, as spillover effects from the energy crisis intensified and continued to ripple through food and transport costs, the Philippine Statistics Authority (PSA) reported yesterday.
Consumer prices accelerated from 4.1 percent in March, when the Middle East war first drove a sharp increase in global oil prices.
The latest reading marked the fastest since March 2023, when inflation reached 7.6 percent.
The April print again breached the central bank’s 2 to 4 percent target range and came in higher than the 5.5 percent median estimate of 14 economists polled by the Inquirer.
Food costs accounted for the largest share of the uptick at 37.3 percent, rising to 6 percent from 2.9 percent the previous month.
Transport followed with a 33.1 percent share, as inflation surged 21.4 percent from 9.9 percent.
This was attributed mainly to higher fuel costs. Gasoline prices soared 59.6 percent from 27.3 percent while diesel prices ballooned to 122.7 percent from 59.6 percent.
The Middle East war, now in its second month, has yet to show signs of de-escalation.
Peace talks between the United States and Iran remain in deadlock, keeping oil prices elevated and weakening the Philippine peso past 61 per dollar. (Nyah Genelle C. De Leon © Philippine Daily Inquirer)
