MANILA — Philippine annual inflation quickened to 2.4% in February, the fastest in more than a year, reflecting higher food prices, the statistics agency said on Thursday.
- The figure was in line with expectations of economists in a Reuters poll and within the central bank’s forecast range of 2.3% to 3.1%. The inflation rate in January was 2.0%
- The headline rate was the fastest pace since January 2025, when inflation was 2.9%
- The statistics agency said inflation was primarily influenced by the faster pace of increase in the index of the heavily weighted food and non-alcoholic beverages at 1.8% during the month, from 1.1% in January
- The annual core inflation rate, which strips out volatile food and energy prices, was 2.9% last month compared with 2.8% in January
- The central bank said it is watching developments in the Middle East
- It said the outlook for inflation remained manageable, with the forecasts of 3.6% for 2026 and 3.2% for 2027 falling within its 2% to 4% target.
- The Philippine central bank, which next meets on April 23 to review policy, cut its key rate for a sixth straight time on February 19 to support growth.
—Reporting by Karen Lema and Mikhail Flores; Editing by Martin Petty and Jacqueline Wong
