Inflation in the Philippines hit 7.2% in April 2026, its highest level since March 2023, driven by a deepening oil crisis that has sent fuel and food prices sharply higher, the Philippine Statistics Authority (PSA) reported on 5 May. The figure is nearly double the 4.1% recorded in March, with diesel prices seeing a year-on-year increase of 122.7% and gasoline up 59.6%, while rice and fish inflation also jumped significantly as soaring fuel costs deterred many fisherfolk from going out to sea. The government has pledged support for vulnerable households — including fuel subsidies and transit fare discounts for millions of commuters — as the central bank, Bangko Sentral ng Pilipinas, warns inflation could remain well above its 2–4% target range in the months ahead.