The Philippines’ inflation rate rose for the third consecutive month, reaching 2.4% in February 2026 as food and beverage costs continued to climb, the Philippine Statistics Authority (PSA) reported Thursday, March 5.
The year-to-date average now stands at 2.2%, remaining within the government’s 2% to 4% target range.
National Statistician Dennis Mapa said food and beverage inflation – the largest component of the consumer basket – accelerated to 1.8% from 1.1% in January.
Rice, which experienced record deflation in 2025, slowed its deflation to 3.4% from 8.5%, while corn inflation jumped to 9.4% from 6.5%.
Mapa noted that regular milled rice prices have steadily risen since November, increasing from ₱42.95 per kilo to ₱45.27 in February.
“Meron tayong base effect dahil ang mga prices natin last year ay medyo mataas, but of course dahil tumataas na rin ‘yung presyo ng bigas, bumababa na ang [deflation] rate,” he explained.
He also highlighted that weekly PSA data suggest the upward trend in food prices may continue in the coming months.
REGIONAL AND HOUSEHOLD TRENDS
- Metro Manila inflation remained steady at 1.9% despite faster increases in food and clothing.
- Inflation outside the capital rose to 2.5% from 2% in January, driven by higher restaurant and accommodation costs.
- Central Visayas posted the fastest inflation at 6%, while Cagayan Valley recorded the slowest at 0.4%.
- For the bottom 30% of households, inflation jumped to 2.5% from 1.6%, reflecting the impact of rising food prices.
OIL PRICES AND GOVERNMENT MEASURES
While oil inflation stayed low in February, Mapa warned that tensions in the Middle East could reverse this trend.
Socioeconomic Planning Secretary Arsenio Balisacan said overall prices remain stable but pledged government action to cushion potential oil shocks. Measures under consideration include lifting excise taxes on petroleum if global oil prices exceed $80 per barrel.
“The government will implement measures to reduce fuel consumption, first by government offices, and we encourage the private sector to do the same. These measures include the use of shuttle buses, encouraging carpooling, as well as implementing flexible work arrangements such as work-from-home and compressed workweeks,” Balisacan said.
He added that the administration aims to incentivize renewable energy, promote active transport, and strengthen energy conservation programs to reduce dependence on imported oil.
The Bangko Sentral ng Pilipinas earlier projected February inflation between 2.3% and 3.1%, citing higher rice and fish prices, elevated petroleum costs, and increased electricity rates in areas served by MERALCO.