The Bangko Sentral ng Pilipinas said inflation may have risen further in May, with price growth projected to settle between 7.1 percent and 7.9 percent.
The BSP said upward pressure came mainly from higher prices of rice, vegetables, and meat, along with the depreciation of the peso.
“Upside price pressures were driven by rising prices for rice, vegetables, and meat, as well as the depreciation of the peso,” the central bank said.
The forecast follows the sharp rise in April inflation, which accelerated to 7.2 percent from 4.1 percent in March. This brought the average inflation rate in the first four months of the year to 3.9 percent.
The BSP said lower domestic fuel prices, cheaper fish, and slightly reduced electricity rates helped temper some of the price pressures in May.
The Philippine Statistics Authority is set to release the official May inflation report on June 5, 2026.