Producer prices in the Philippines grew by 1.4% year-on-year in February 2026, slightly above the downwardly revised 1.3% in January and reaching their highest level since May 2023. The increase was driven largely by higher costs in the manufacture of computer, electronic, and optical products (2.9% vs 2.7%), which contributed 26.6% to the annual growth in the manufacturing PPI.
Prices also accelerated in several key sectors: beverages (1.7% vs 1.1%), basic metals (2.6% vs 2.3%), coke and refined petroleum products (3.6% vs 3.4%), fabricated metal products excluding machinery and equipment (2% vs 1.7%), and furniture (1.7% vs 0.9%).
By contrast, inflation in food products eased to 1.2% from 1.4%, primarily due to slower price growth in the vegetable and animal oils and fats segment, which decelerated to 6.8% from 7.6% in January. Cost increases also moderated in transport equipment (1.2% vs 1.5%), while deflation in rubber and plastic products deepened (-1.4% vs -0.8%).
On a monthly basis, producer prices declined by 0.1% in February, reversing the 0.2% rise recorded in the previous month.
