Oil Crisis Pushes Philippine Inflation to over Three-Year High in April - BusinessWorld Online
Food and transport costs also rose as diesel and gasoline prices hit record inflation rates, the Philippine Statistics Authority said.
- The Philippine Statistics Authority reported on Tuesday that annual headline inflation reached 7.2% in April, the highest rate since March 2023, exceeding the government's 2% to 4% target range.
- Elevated oil prices triggered by the Middle East conflict remain the primary driver for inflation, with National Statistician Dennis Mapa identifying fuel costs as the main factor feeding through to higher food and utility prices.
- Diesel prices skyrocketed 122.7% and gasoline surged 60.5% in April, while transport costs rose 21.4% and rice prices increased 13.7% as high fuel costs deterred fishing activity.
- Inflation for the bottom 30% of income households reached 8.5% in April, prompting the Department of Economy, Planning, and Development to pledge targeted support interventions for vulnerable sectors.
- The Bangko Sentral ng Pilipinas previously hiked its key interest rate to 4.50%, with Governor Eli Remolona signaling further increases may be necessary ahead of the June 18 policy meeting.
11 Articles
11 Articles
Rising oil prices may push Philippine inflation past 10%
Local monetary authorities face the growing challenge to stabilize surging consumer prices as the initial pass-through of global oil inflation threatens to push the headline rate into double digits by the fourth quarter of the year.The mounting risk that inflation expectations could become de-anchored may necessitate more aggressive intervention from the central bank, according to Bank of the Philippine Islands (BPI).To manage inflation, the BSP…
Oil crisis pushes Philippine inflation to over three-year high in April - BusinessWorld Online
By Katherine K. Chan, Reporter Elevated oil prices began to feed through food and utility costs, driving headline inflation to an over three-year high of 7.2% in April, the Philippine Statistics Authority (PSA) said on Tuesday. PSA data showed that the consumer price index (CPI) heated up to 7.2% last month, from 4.1% in March and 1.4% a year ago. This was the fastest headline print since the 7.6% seen in March 2023. It also blew past the 5.5% m…
Philippine annual inflation at 7.2% in April, highest in three years
MANILA (Updated 1:04 p.m.) — Philippine annual inflation accelerated to a three-year high in April, as a surge in fuel prices triggered by the Middle East conflict raises the chance of more policy tightening. Consumer prices rose 7.2% last month, the statistics agency said on Tuesday, the highest since March 2023. That was above the 5.5% […] The post Philippine annual inflation at 7.2% in April, highest in three years appeared first on Interaksy…
PH posts 7.2% inflation rate in April, highest since March 2023
MANILA, Philippines — Higher fuel prices, along with increased transport costs, pushed the country’s inflation rate to 7.2 percent last month, the Philippine Statistics Authority (PSA) reported on Tuesday.
Inflation spikes further to 7.2% in April on oil crisis spillover
MANILA, Philippines — Inflation in the Philippines climbed further to a three-year high of 7.2 percent in April. This, as spillover effects from the energy crisis intensified and continued to ripple through food and transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday. READ: Poll: April inflation sizzled to over 2-yr high Consumer prices accelerated from 4.1 percent in March, when the Middle East war first drove a sharp…
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