The oil crisis pushed inflation in the Philippines to a three-year high in April
By Katherine K. Chan, A reporter
The rise in oil prices began to feed through the costs of food and utilities, pushing inflation to a more than three-year high of 7.2% in April, the Philippine Statistics Authority (PSA) said on Tuesday.
PSA data showed that the consumer price index (CPI) warmed to 7.2% last month, up from 4.1% in March and 1.4% last year.
This was the fastest headline since 7.6% was seen in March 2023. It also beat the 5.5% estimate in a BusinessWorld survey of 17 analysts and the central bank’s 5.6%-6.4% estimate for the month.
National Statistician Claire Dennis S. Mapa noted that rapid price increases in food and non-alcoholic beverages, transportation, and services boosted the CPI last month.
As of April, inflation averaged 3.9%, which is below the upper limit of the Bangko Sentral ng Pilipinas’ (BSP) 2%-4% full-year target.
April likewise marked the second month in a row that headline printing accelerated beyond the BSP’s target.
PSA also reported that inflation, which excludes fluctuations in food and fuel prices, rose to 3.9% in April from 3.2% in March and 2.2% last year.
This was the fastest primary print since 4.4% in December 2023.
Meanwhile, inflation for the bottom 30 percent of income households rose at the fastest pace in three years to 8.5% in April, up from 4.2% in March and 0.1% in the same month last year.
