{
  "id": 18802082,
  "title": "Fuel prices push Philippine inflation to 44-month high",
  "url": "https://urgent.news/2026/11/07/fuel-prices-push-philippine-inflation-to-44-month-high",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-07T21:28:00.000Z",
  "source": {
    "name": "Qatar Tribune Business",
    "slug": "qatar-tribune-business",
    "url": "https://www.qatar-tribune.com/article/263005/business/fuel-prices-push-philippine-inflation-to-44-month-high"
  },
  "original_language": "en",
  "account": "Inflation in the Philippines surged to a 44-month high of 7.8 percent in October, primarily due to escalating fuel prices resulting from the Middle East conflict, according to government data released on Thursday. The inflation rate surpassed the previous peak of 8.6 percent in February 2023 and was higher than the anticipated 7.6 percent, as reported by Chief Philippine Statistician Dennis Mapa during a press conference. The main driver of the October inflation increase was a 20 percent rise in transport costs, Mapa explained. The Middle East crisis has significantly impacted the Philippines, as it relies heavily on oil imports, leading to a weakened peso, record-low currency exchange rates, and increased costs for various sectors, including transportation, power generation, and food transportation. In October, the average inflation rate for the year reached 5.6 percent, well above the government's targeted 2-4 percent range. Mapa cautioned that there are potential risks ahead, including the ongoing El Nino dry spell affecting food supply and rising energy prices. The statistics came two weeks after the central bank increased its benchmark lending rate by 50 basis points to 5.50 percent, emphasizing the need for a \"strong monetary policy response to broadening price pressures and further upside risks to inflation.\" President Ferdinand Marcos reassured Filipinos not to panic over the currency's decline, attributing it to rising oil prices. He acknowledged that the government could not control global oil prices but assured that foreign exchange reserves were robust and the government possessed various tools to safeguard the peso.",
  "summary": "AgenciesSoaring fuel prices driven by the Middle East conflict pushed inflation in the Philippines to a 44-month high of 7.8 percent in October, the government said on Thursday, as...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}