MANILA — Headline inflation may slightly accelerate but is projected to remain within the government’s target range this year and in 2027, economists said.

In a Viber message, Rizal Commercial Banking Corporation chief economist Michael Ricafort said rising farmgate prices of palay could lead to higher rice prices, noting that rice accounts for about 9 percent of the consumer price index.

Ricafort forecasts inflation to average between 3.5 percent and 3.7 percent this year, still within the Bangko Sentral ng Pilipinas’ 2 to 4 percent target band.

He added that inflation could slow to around 3 percent to 3.5 percent by 2027.

Robert Dan Roces, economist at SM Investments Corp., likewise expects inflation to remain manageable.

“We think inflation will be within the target naman for full year and next year. [It’s] managed,” Roces said on the sidelines of the Makati Business Club Business-Government forum in Makati City.

Inflation in January climbed to 2 percent from 1.8 percent in December 2025, driven by increased electricity, housing, and fuel costs.

Authorities have said steps are being taken to maintain sufficient supply of key food items such as rice and meat to help keep price pressures under control.