{
  "id": "ph-cpi",
  "title": "Philippine headline inflation",
  "metric": "Headline CPI, year-on-year",
  "unit": "%",
  "kind": "percent",
  "volatility": "annual",
  "direction_note": "the local inflation that eats most of a dollar pension's nominal peso gain",
  "publisher": "No Margin Left",
  "source": {
    "label": "Philippine Statistics Authority CPI / Inflation Rate; Bangko Sentral ng Pilipinas inflation report (2–4% target band)",
    "url": "https://psa.gov.ph/price-indices/cpi-ir"
  },
  "license": "CC BY 4.0",
  "license_url": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "No Margin Left, \"Philippine headline inflation\" (Headline CPI, year-on-year). CC BY 4.0. https://nomarginleft.com/data/ph-cpi.json",
  "canonical": "https://nomarginleft.com/data/ph-cpi.json",
  "csv": "https://nomarginleft.com/data/ph-cpi.csv",
  "retrieved": "2026-05-27",
  "stale": false,
  "observations": [
    {
      "date": "2023-01",
      "value": 8.7,
      "confidence": "sourced",
      "note": "2023 peak (Jan 2023, year-on-year), highest in ~14 years"
    },
    {
      "date": "2025",
      "value": 1.7,
      "confidence": "sourced",
      "checked": "2026-05-27",
      "note": "2025 annual average — lowest in nearly a decade (DOF/PSA)"
    },
    {
      "date": "2026-04",
      "value": 7.2,
      "confidence": "sourced",
      "checked": "2026-05-27",
      "note": "re-accelerated to 7.2% YoY (up from 4.1% in March), the highest since March 2023 and above the 4% ceiling — oil-price shock + peso depreciation; BSP now expects headline >4% through 2027\n"
    }
  ],
  "corrections": [
    {
      "date": "2026-05-27",
      "field": "observations[2023-01].value",
      "from": 8,
      "to": 8.7,
      "reason": "triangulated \"above 8%\" tightened to the confirmed Jan 2023 peak of 8.7% (PSA / Trading Economics).\n"
    },
    {
      "date": "2026-05-27",
      "field": "observations[2026].value (annual estimate)",
      "from": "≈3.0% (in 2–4% band)",
      "to": "see 2026-04 = 7.2%",
      "reason": "the 2026-05-19 estimate that inflation had settled in the 2–4% band was superseded by actual data: after a 1.7% 2025 trough, headline inflation snapped back to 7.2% by April 2026.\n"
    }
  ]
}