The study looked at how global oil prices, exchange rates, interest rates, and economic output affect inflation in the Philippines. They used a special model to analyze data from 1998 to 2019. The results showed that oil price changes have a big impact on inflation, especially in the short term. Exchange rates don't affect inflation much in the short term and have no long-term effect. Interest rates and demand shocks do have a long-term effect on inflation, but it's not the same for positive and negative changes. This means policymakers need to consider these differences when setting monetary policy to control inflation.