Inflation in the Philippines rose to 2.0% in January 2026, marking the second consecutive month of rising prices for goods, according to the Philippine Statistics Authority on February 5. This was up from 1.8% in December 2025. The increase stemmed from higher inflation in housing, water, electricity, gas, and other fuels.
The Philippine Statistics Authority (PSA) reported that overall inflation reached 2.0% in January 2026, driven by a higher rate in housing, water, electricity, gas, and other fuels at 3.3%, up from 2.5% in December 2025. Restaurants and accommodation services also saw a quicker rise to 4.0% from 2.4%.
Other commodity groups with faster increases included clothing and footwear (2.3% from 2.2%), furnishings, household equipment, and routine maintenance (2.3% from 1.9%), health (3.0% from 2.7%), information and communication (0.8% from 0.7%), recreation, sport, and culture (2.2% from 2.0%), and personal care and miscellaneous goods (2.6% from 2.2%).
Inflation slowed in food and non-alcoholic beverages (1.1% from 1.4%), alcoholic beverages and tobacco (3.1% from 3.3%), and education services (2.8% from 3.0%). Core inflation, excluding volatile items, stood at 2.8%.
Food inflation fell to 0.7% from 1.2%, due to slower rises in vegetables, tubers, plantains, cooking bananas, and pulses (3.3% from 11.6%), corn (6.5% from 7.3%), meat (1.2% from 3.0%), fish (7.3% from 9.0%), and oils and fats (9.3% from 9.5%). Rice deflation eased to -8.5% from -12.3% the prior month.
However, some food items accelerated: flour, bread, bakery products, pasta, and cereals (2.6% from 1.8%), milk, dairy, and eggs (1.1% from 0.9%), fruits and nuts (3.4% from 2.1%), and ready-made foods (2.7% from 2.3%).
