FX.co ★ Philippines Core Inflation Accelerates to 5.4% in October, Topping September’s Pace

Core consumer prices in the Philippines rose 5.4% year-over-year in October 2026, up from 4.7% in September, according to data updated on 05 November 2026. The latest reading indicates a renewed acceleration in underlying inflationary pressures, as measured by the core Consumer Price Index (CPI), which excludes selected volatile items.

On a year-over-year basis, the October figure reflects a stronger increase in core prices compared with the same month a year earlier, and marks a faster pace than in September, when the core CPI was also measured against the same month of the previous year. This shift suggests that price gains are becoming more entrenched across a broader range of goods and services.

The pickup from 4.7% to 5.4% in just one month’s comparison underscores the importance of core inflation in assessing the Philippines’ price dynamics beyond temporary shocks. Market participants and policymakers are likely to watch subsequent releases closely to determine whether October’s move signals a sustained trend or a short-term spike in underlying inflation.