The Bangko Sentral ng Pilipinas (BSP) said it projects this May inflation print to settle in within the range of 7.1% to 7.9%.

In its month-ahead inflation forecast released Saturday, BSP said the country’s inflation rate is projected to have continued its acceleration streak in May 2026 to reach its fastest level in nearly four years.

The upper end of the central bank’s forecast range is faster than the 7.2% rate seen in April and could be its fastest since November 2022, when inflation rate clocked in at 8%.

“Upside price pressures were driven by rising prices for rice, vegetables, and meat, as well as the depreciation of the peso,” the BSP said.

“Meanwhile, the recent rollbacks in domestic fuel prices, lower prices for fish, and slightly lower electricity rates partially offset the prevailing upside price pressures,” it said.

The Philippine Statistics Authority (PSA) is scheduled to announce official inflation figures for May on June 5, 2026.