Philippine inflation rate

Inflation zooms to over 3-year high of 4.9% in April 2022

Ralf Rivas
Inflation zooms to over 3-year high of 4.9% in April 2022

PRICES. An array of vegetables sold at a public market.

Department of Agriculture

(1st UPDATE) This is the Philippines' highest inflation rate since January 2019, according to National Statistician Dennis Mapa

MANILA, Philippines – The Philippines’ inflation rate hit 4.9% in April, the highest since January 2019, as rising oil and electricity prices pushed up costs of other commodities.

The latest figure reported by the Philippine Statistics Authority on Thursday, May 5, is a 0.9-percentage-point increase from the 4% recorded last March, with pump prices of petroleum goods continuing to rise due to the war between Russia and Ukraine.

It is also the first time that the inflation rate zoomed past the government’s 2% to 4% target range in 2022.

The last time inflation went beyond the target range was in November 2021, when it hit 4.2%.

Year-to-date, average inflation stands at 3.7%.

Transport inflation went up to 13% from 10.3%, as diesel jumped by 83.7% and gasoline by 43%.

Food inflation went up to 3.8%, as vegetables (9.2% from -0.1%), meat (4.2% from 2.9%), and fish and other seafood (5% from 4.3%) posted increases.

Inflation in Metro Manila was lower than the national average at 4.4%, while areas outside the capital region felt price pressures more at 5.1%.

Economists of the Bangko Sentral ng Pilipinas (BSP) earlier said that other than electricity and fuel costs, meat and fish prices were among the primary sources of inflationary pressures in April.

BSP Governor Benjamin Diokno had kept interest rates low to support the economy’s recovery from the pandemic, but has since hinted that a hike may occur in June.

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.