BSP sees March 2026 inflation at 3.1–3.9%
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said that headline inflation for March 2026 is projected to settle within the range of 3.1% to 3.9%.
In a statement on Tuesday, March 31, the BSP said that inflation risks have “intensified with upward price pressures” due to increases in petroleum and rice prices, higher electricity charges in Meralco-serviced areas and the depreciation of the peso.
Since tensions in the Middle East began, oil prices have surged, with some petroleum products reaching more than P130 per liter.
Meralco also implemented a rate increase in March of P0.2880 per kilowatt-hour.
According to the central bank, anticipated lower prices for food products such as vegetables, fish and meat may help mitigate inflation pressures. However, the BSP said that “upside pressures continue to warrant closer monitoring.”
“The BSP will remain vigilant and guided by incoming data, specifically on inflation and growth prospects. We will continue to monitor recent developments in the Middle East for their implications on inflation and economic activity,” the BSP said.
The projected inflation is higher than the 2.4% inflation in February.
The Philippine Statistics Authority said the major contributors to February inflation are the housing, water, electricity, gas and other fuels segment, followed by food and non-alcoholic beverages.
The central bank’s Monetary Board also left its benchmark interest rate unchanged on March 27 at 4.25%, following the rate cut in February.
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