Philippines Inflation Surges to 7.2% in September on Food Price Rebound

Key Facts

Philippines inflation surprised to the upside at 7.2% year-on-year in September 2026. ING reported that the acceleration was primarily driven by a sharp rebound in non-rice food prices, which accounted for roughly 75% of the increase in the headline consumer price index.

Renewed supply-side pressures, including oil price risks and lingering El Niño effects, have kept inflationary pressures elevated despite core inflation remaining at 4.7%. ING maintains its forecast for the Bangko Sentral ng Pilipinas to hike interest rates by 25 basis points in the fourth quarter of this year to address the persistent inflation cycle.