MANILA, Philippines — Inflation in the Philippines likely accelerated in April 2026, with the Bangko Sentral ng Pilipinas (BSP) projecting consumer prices to settle between 5.6% and 6.4%, driven by higher fuel costs, rising food prices, increased electricity charges, and the continued depreciation of the peso.

The BSP explained that the surge was mainly due to spiking petroleum prices amid Middle East tensions, elevated costs of rice, fish, and meat, and higher electricity rates. The peso’s slide past ₱61 per US dollar has further amplified import costs, making essential goods more expensive.

While vegetable and fruit prices declined slightly, offering limited relief, the central bank warned that inflationary pressures remain strong. If inflation hits the upper end of the forecast, it would mark the highest since April 2023’s 6.6%, well above the government’s 2–4% target range.

The BSP noted that inflation already rose to 4.1% in March 2026, overshooting expectations. It has since raised the key interest rate to 4.5% earlier this year to curb rising prices, but analysts caution that global oil volatility and currency weakness could keep inflation elevated.

The official April inflation data will be released by the Philippine Statistics Authority on May 5, 2026, confirming whether consumer prices indeed surged past the BSP’s forecast range.

This projection underscores the growing strain on Filipino households, with transport fares, food staples, and electricity bills expected to remain high. The BSP’s warning highlights the urgent need for policy measures to stabilize prices and protect consumers from further economic shocks.