Philippine inflation likely climbed further in May, surpassing the previous month’s three-year high as the spillover effects from the Middle East war continued to intensify food price pressures and weaken the peso.

According to the Bangko Sentral ng Pilipinas (BSP), consumer prices likely rose between 7.1 percent and 7.9 percent in May, accelerating from the 7.2 percent recorded in April.

The war, now in its third month, has yet to show signs of de-escalation. Although domestic pump prices finally began to ease, the relief was likely insufficient to temper broader pressures.