FX.co ★ Philippines Producer Inflation at Highest Since 2023

Producer prices in the Philippines rose by 1.5% year-on-year in January 2026, up from a downwardly revised 0.8% in December and reaching their highest level since May 2023. The rebound in costs for food products (1.3% vs -0.1% in December) was a key driver, accounting for 38.5% of the faster annual increase in the manufacturing PPI.

Prices also accelerated for computer, electronic and optical products (2.6% vs 0.8%), machinery and equipment excluding electrical (2.2% vs -0.4%), and wood, bamboo, cane, rattan and related products (1.0% vs -0.4%).

By contrast, inflation slowed for coke and refined petroleum products (3.4% vs 4.3%) and for tobacco products (1.9% vs 3.5%). Prices declined for electrical equipment (-1.5% vs 0.2%) and wearing apparel (-0.5% vs 1.1%).

On a monthly basis, producer prices rose 0.5% in January, following a downwardly revised 0.1% increase in December.