Inflation picks up 2.0% in January 2026
MANILA, Philippines — Inflation in the Philippines spiked to 2.0% in January 2026 — the second month in a row that the general price of goods has been rising, according to the Philippine Statistics Authority (PSA) on Thursday, February 5.
December 2025’s inflation had been 1.8% — a rise from the previous month’s score.
The PSA attributed this increase to higher inflation rates in housing, water, electricity, gas, and other fuels, which clocked in at 3.3% — a rise from December 2025’s 2.5%.
There was also a faster rise in restaurants and accommodation services, which rose to 4.0% in January 2026 from 2.4% in December 2025.
The following commodity groups also had faster increases:
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Clothing and footwear (2.3% from 2.2%)
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Furnishings, household equipment and routine household maintenance (2.3% from 1.9%)
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Health (3.0% from 2.7%)
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Information and communication (0.8% from 0.7%)
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Recreation, sport and culture (2.2% from 2.0%)
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Personal care and miscellaneous goods and services (2.6% from 2.2%)
Meanwhile, the PSA noted slower inflation rates for the following:
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Food and non-alcoholic beverages (1.1% from 1.4%)
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Alcoholic beverages and tobacco (3.1% from 3.3%)
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Education services (2.8% from 3.0%)
The PSA said that core inflation, which is the inflation rate without items with rapidly changing prices, was at 2.8%.
Food Inflation
The PSA said that food inflation was at 0.7% in January 2026, decreasing from the previous month’s 1.2%.
This decline was due to slower inflation rates for vegetables, tubers, plantains, cooking bananas, and pulses (3.3% from 11.6%). Other food commodities whose inflation rate declined were: corn (6.5% from 7.3%), meat and other parts of slaughtered land animals (1.2% from 3.0%), fish and other seafood (7.3% from 9.0%), and oils and fats (9.3% from 9.5%).
Rice’s inflation rate is also still in the negatives at -8.5% in January 2026, slightly faster than the previous month’s -12.3%.
Despite the overall decline in food inflation, several food commodities still recorded faster increases: flour, bread and other bakery products, pasta products, and other cereals (2.6% from 1.8%), milk, other dairy products and eggs (1.1% from 0.9%), fruits and nuts (3.4% from 2.1%), and ready-made food and other food products not elsewhere classified (2.7% from 2.3%).
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