Barclays: Philippines inflation surged to 7.2% in April, central bank expected to hike rates three more times

(1) Brian Tan, Head of Non-China Emerging Markets Asia Economic Research at Barclays, stated in a research report that the central bank of the Philippines may further raise interest rates. The country's consumer inflation rate in April surged year-on-year to 7.2%. (2) Tan pointed out that April's data far exceeded expectations. Combined with the upward adjustment of the global crude oil price assumptions, Barclays has further raised its CPI forecast: it now expects the Philippines' overall inflation rate to average 6.3% in 2026 (previously 4.9%) and 3.8% in 2027 (previously 3.2%). (3) Barclays also predicts that the central bank of the Philippines will raise rates three more times, each by 25 basis points: an unconventional hike in May, followed by increases in June and August.