• Philippine inflation may have increased in February, though the pickup probably moderated compared with recent months.
• Inflation likely rose to 9.0% year on year from 8.7% in January, driven by higher costs for food and core goods and services.
• Tax cuts, lower unemployment and wage gains have helped households overcome the higher cost of living.
• Pushing the other way, the cost of crude oil has stabilized and the peso has held onto gains.
• We expect food inflation to peak in 1H23 and we see core inflation peaking in 3Q23.
• The data are due March 7.