Inflation Update: With sticky inflation, policy rates by the BSP likely to remain unchanged this month

The Philippines’ headline inflation further accelerated to 3.7% year-on-year in March from 3.4% in February 2024, mainly driven by accelerated prices of food and non-alcoholic beverages.

We retain our yearend average inflation forecast at 4.3% (with a downward bias) as there continues to be a strong upward inflation pressure for the year due to rising rice prices, the effects of El Niño, and emerging geopolitical risks.

As the year-to-date headline inflation print is now closer to the lower band of our baseline forecast range, a re-evaluation of current estimates may be necessary in the near term.

Find out more on our latest inflation report below.

Reports

Inflation Update (April 5, 2024)  

We are retaining our average inflation forecast for 2024 with a downward bias.

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