MANILA, Philippines – Inflation in the Philippines may have accelerated to 6% in April as the conflict in the Middle East continued to push prices of goods and services higher, the Bangko Sentral ng Pilipinas (BSP) said on Thursday, April 30.

In a statement, the BSP said April’s inflation print may settle between 5.6% to 6.4% due to intensified inflation risks from higher fuel prices and the rising costs of key commodities such as rice, fish, meat, and electricity.

“The anticipated decline in vegetable and fruit prices may help temper inflation, but sources of upside price pressures continue to warrant close monitoring,” the monetary authority said.

Inflation in March already accelerated to 4.1%, overshooting the government’s target range of 2% to 4%.

The BSP already hiked the country’s key interest rate to 4.5% as the oil shock brought by the Middle East conflict is expected to spill over to food prices and costs of services. BSP Governor Eli Remolona Jr. described the rate hike as a preemptive measure to prevent volatile prices.

The monetary authority also raised its inflation forecast for 2026 and 2027 to 6.3% and 4.3%, respectively. – Rappler.com