“We expect further push from the belated pass-through of the 1Q2026 [first quarter 2026] utility tariff hike while the Middle East war pushes Brent crude oil above US$83.0 per barrel, higher than the US$ 74.7 per barrel peak seen in March 2025. We believe that higher global energy prices through March 2026 will elevate price inflation for gas & other fuels and trim the transport deflation with upside risk for nonfood and overall inflation”, it disclosed in its analysis of the February 2026 Inflation.