Food prices push inflation to 13-month high

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March 5, 2026 | 3:15pm

MANILA, Philippines — Inflation accelerated to 2.4% in February, the fastest in 13 months, according to data released by the Philippine Statistics Authority (PSA) on Thursday, March 5.

The latest figure is 0.4 percentage points higher than January's 2.0% and slightly above the 2.1% recorded in February 2025.

The PSA attributed the uptick mainly to faster price increases in food and non-alcoholic beverages, where inflation rose from 1.1% in January to 1.8% in February.

Category Item / Commodity Group Inflation Rate

Food	Corn	9.4%
Food	Flour, bread and other bakery products; pasta products; other cereals	2.4%
Food	Fish and other seafood	7.7%
Food	Milk, other dairy products and eggs	1.4%
Food	Fruits and nuts	3.8%
Food	Vegetables, tubers, plantains, cooking bananas and pulses	6.1%
Non-food	Clothing and footwear	2.4%
Non-food	Housing, water, electricity, gas and other fuels	3.5%
Non-food	Furnishings, household equipment and routine household maintenance	2.9%
Non-food	Health	3.2%
Non-food	Recreation, sport and culture	4.3%
Non-food	Restaurants and accommodation services	4.4%
Non-food	Personal care and miscellaneous goods and services	2.8%

Slower inflation rates, meanwhile, were observed in information and communication, as well as transport. 

Geopolitical risks

While this was the inflation rate recorded before conflict in the Middle East escalated and drove up global gas prices, the Department of Economy, Planning, and Development (DEPDev) said it was aware of how the recent geopolitical developments could impact Filipino consumers. 

"Overall price conditions remain stable. However, we are mindful of recent geopolitical developments, which we are closely monitoring, along with domestic supply conditions of key commodities," DEPDev Secretary Arsenio Balisacan said. 

Balisacan said the government is preparing short-term measures, including issuing guidelines to conserve fuel.

"We are ready to deploy timely and targeted interventions should external shocks intensify. Our priority is to protect vulnerable households, support affected industries, and sustain the country’s growth momentum amid global uncertainties," Balisacan said. 

The Bangko Sentral ng Pilipinas (BSP) said inflation remains manageable but noted that its 2026 inflation forecast stands at 3.6%.

"The Monetary Board will remain vigilant and guided by incoming data, specifically on inflation. We are watchful of the recent developments in the Middle East for their implications on near-term inflation and economic activity,” the BSP said.