The Philippines’ annual inflation rate eased to 6.2% in July 2026, coming in better than expectations for a decline to 6.3% and down from 6.4% in June. Transport inflation slowed to 11.9% from 12.8% as fuel price pressures subsided. Price increases also moderated for education services (1.9% vs. 4.0%) and for restaurants and accommodation services (6.8% vs. 7.0%), while inflation for food and non-alcoholic beverages held steady at 5.2%.
In contrast, inflation picked up for housing, water, electricity, gas and other fuels (8.2% vs. 8.1%), furnishings and household equipment (3.9% vs. 3.7%), health (4.8% vs. 4.6%), recreation and culture (5.3% vs. 5.2%), and personal care and miscellaneous goods and services (3.8% vs. 3.7%). On a monthly basis, the consumer price index rose 0.1%, reversing a 0.2% decline in June. Annual core inflation eased to 4.2% from 4.4% in the previous month. For the January–July period, average inflation stood at 5%, remaining above the government’s 2%–4% target range.
