EL7.AI
Central BanksMedium•22 October 2026•
2 min read

Philippine Inflation Rises to 7.2% in September as Core Prices Accelerate

Key Facts

1Annual headline inflation rose to 7.2% in September 2026 from 6.1% in August.
2Annual rice price inflation reached 20.3% in September 2026.
3Core inflation accelerated to 4.7% in September 2026 from 4.1% in August.
4The target reverse repurchase rate stood at 5.00% and the overnight lending facility rate at 5.50% on 21 October 2026.
5The central bank scheduled its next monetary policy meeting for 17 December 2026 and publication of its Monetary Policy Report for 23 December.

Annual headline inflation in the Philippines rose to 7.2% in September 2026, according to the Philippine Statistics Authority, as core inflation accelerated and rice prices surged. Headline inflation stood at 6.1% in August before rising the following month, according to the authority's month-to-month comparison of annual consumer price inflation. On underlying prices, the authority said "core inflation, which excludes selected food and energy items, rose to 4.7% in September 2026." That compared with 4.1% in August, meaning this measure also rose over the same period in which headline inflation accelerated. Rice prices rose 20.3% year-on-year in September, outpacing both headline and core inflation during the month, according to the authority.

September's acceleration in prices followed earlier Philippine interest rate increases, with EL7 reporting a rise to 4.75% in June 2026 in a story linking the move to geopolitical inflation risks. EL7's August coverage then reported an increase to 5.00%, a higher level than that reported in June. EL7 described the August move as the "third consecutive increase," part of a series of hikes preceding the release of September's inflation figures. On the eve of the October monetary policy meeting, the target reverse repurchase rate stood at 5.00% as of 21 October 2026, according to the Philippine central bank. The overnight lending facility rate stood at 5.50% on the same date, a separate policy instrument from the target reverse repurchase rate.

Looking ahead, the Philippine central bank set 19 November 2026 for the publication of highlights of the October monetary policy meeting's deliberations, according to its official schedule. That release concerns deliberations at the Monetary Board's monetary policy meeting dated 22 October 2026. The schedule set the next monetary policy meeting for 17 December 2026, the next date listed after the October meeting. The December meeting is numbered 6 in the schedule of Monetary Board monetary policy meetings included in the bank's report. Publication of the December Monetary Policy Report follows on 23 December 2026, according to the dates announced by the central bank.