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Vendors sell various vegetables at a market along Commonwealth Avenue in Quezon City on Jan. 6, 2026.
The STAR / Miguel de Guzman
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said Saturday, May 30, that headline inflation in May could range from 7.1% to 7.9% as higher food prices and peso depreciation continue to weigh on consumer costs.
In its latest month-ahead inflation forecast, the BSP said rice, vegetables and meat prices remained key sources of upward pressure during the month.
A weaker peso also contributed to inflationary risks.
“The BSP projects May 2026 inflation to settle within the range of 7.1 to 7.9 percent. Upside price pressures were driven by rising prices for rice, vegetables, and meat, as well as the depreciation of the peso,” the central bank said.
The BSP said that these factors were expected to keep inflationary pressures elevated during the month.
However, it said these were partly offset by lower fuel prices, cheaper fish and slightly reduced electricity rates.
“The recent rollbacks in domestic fuel prices, lower prices for fish, and slightly lower electricity rates partially offset the prevailing upside price pressures,” the BSP said.
Inflation rose to 7.2% in April from 4.1% in March, exceeding the BSP’s forecast range of 5.6% to 6.4%.
The April uptick was driven mainly by faster increases in food and transport costs amid global oil price volatility linked to geopolitical tensions in the Middle East.
