Inflation in the Philippines accelerated to 7.2% in April, its highest level in three years, driven largely by rising fuel and food prices linked to the ongoing global oil crisis. The Philippine Statistics Authority reported that consumer prices jumped from 4.1% in March, as the Middle East conflict continued to push up global oil costs. Food prices contributed the biggest share of the increase, while transport inflation surged sharply due to higher gasoline and diesel prices. Fuel costs saw significant spikes, with gasoline rising nearly 60% and diesel more than doubling compared to previous levels. The sustained oil crisis has also weakened the peso past 61 per dollar, as global tensions and stalled peace talks between the U.S. and Iran keep markets under pressure.
PH INFLATION SURGES TO 7.2% IN APRIL AMID GLOBAL OIL CRISIS AND TRANSPORT COST SPIKE
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