# S&P warns of stagflation as Philippines growth falters

> S&P Global Ratings said the Philippines is experiencing stagflation, with second-quarter GDP growth at 2.3% and October inflation accelerating to 7.8%. It attributed weak growth partly to reduced public spending and higher fuel and food costs, and warned that prolonged El Niño could further damage agricultural yields in the Philippines and major rice-producing countries.

- Date: 2026-11-06 · published 2026-11-07T00:29:43.429Z
- Category: macro · region Philippines · magnitude medium
- Page: https://feedsoft.ai/events/85287-s-and-p-warns-of-stagflation-as-philippines-growth-falters
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

Potentially lower rice yields could tighten regional supply and support rice prices, while high food and fuel costs are already squeezing household purchasing power. The outlook depends on whether El Niño persists.

## Read by commodity

- RICE: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2023-01-05 | [Government sees inflation's peak as it misses target for second straight year \| Philstar.com](https://feedsoft.ai/events/12192-government-sees-inflation-s-peak-as-it-misses-target-for-second-straight-year.md) | -0.2% | +1.6% |
| RICE | 2022-06-23 | [Wild 2022 in grain markets sparks 2008 comparisons \| Reuters](https://feedsoft.ai/events/40978-wild-2022-in-grain-markets-sparks-2008-comparisons-reuters.md) | +0.8% | +4.1% |
| RICE | 2019-03-22 | [Strong rupee pushes rice prices to seven-month high, dampening exports \| Commodity - Food & Edible Oils - Business Standard](https://feedsoft.ai/events/60167-strong-rupee-pushes-rice-prices-to-seven-month-high-dampening-exports-commodity.md) | -1.6% | -6.0% |
| RICE | 2017-08-09 | [India rice shipments slow as stronger rupee lifts export prices \| India rice shipments slow as stronger rupee lifts export prices](https://feedsoft.ai/events/69410-india-rice-shipments-slow-as-stronger-rupee-lifts-export-prices-india-rice.md) | +0.8% | +2.6% |
| RICE | 2019-06-28 | [Strong baht sends jitters through Thai export sector \| Thai PBS World](https://feedsoft.ai/events/58867-strong-baht-sends-jitters-through-thai-export-sector-thai-pbs-world.md) | +0.6% | +9.5% |

## Sources

- philstar.com: https://www.philstar.com/business/2026/11/07/2568333/sp-warns-stagflation-philippines-growth-falters

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.