Inflation in the Philippines picked up for the second consecutive month in January 2026, signaling renewed price pressures despite still-modest headline figures.
Philippine Statistics Authority (PSA) data showed overall inflation rose to 2.0 percent from 1.8 percent in December, driven mainly by faster increases in housing-related costs and restaurant prices, even as food inflation continued to ease.
The acceleration suggests that while headline inflation remains within manageable levels, underlying pressures—particularly from utilities, services, and core items—are building.
Outside Metro Manila, inflation also gathered pace, underscoring uneven price dynamics across regions as transport costs declined but housing and services climbed.
Highlights:
Headline inflation
- Inflation rose to 2.0 percent in January 2026, up from 1.8 percent in December
- Still lower than 2.9 percent in January 2025
Main price drivers
- Housing, water, electricity, gas and fuels: up 3.3 percent
- Restaurants and accommodation services: up 4.0 percent
- Core inflation climbed to 2.8 percent from 2.4 percent
Food prices ease
- Food inflation slowed to 0.7 percent from 1.2 percent
- Vegetable inflation cooled sharply to 3.3 percent from 11.6 percent
- Rice prices continued to post year-on-year declines
Regional picture
- NCR inflation slowed to 1.9 percent
- Inflation outside NCR accelerated to 2.0 percent
- Central Visayas recorded the highest inflation at 5.6 percent
—Ed: Corrie S. Narisma
