Metro Manila, Philippines – Inflation, or the pace by which the cost of goods and services rise, accelerated to 7.2% in April, marking a 3.1-percentage-point jump from March driven by record-high food and fuel prices, the Philippine Statistics Authority (PSA) reported on Tuesday, May 5. The government forecast range is 5.6 percent to 6.4 percent, with the latest imprint as its fastest pace in more than three years since the 7.6 percent in March 2023. The PSA said inflation drivers are food and non-alcoholic beverages, transport, fuel, and household utilities such as electricity and water. The inflation for diesel and gasoline spiked by 124 percent and 60.5 percent, respectively, hitting record-highs since 2018. The year-to-date inflation average is 3.9%, near to breaching the 4 percent upper limit of the government target range. Core inflation, which excludes volatile food and energy items, also increased to 3.9% in April from 3.2% in…