Can cash aid harm non-recipients by raising local prices? We show that a householdtargeted cash transfer in the Philippines increases the prices of perishable foods in some markets and raises stunting among non-beneficiary children by 11 percentage points (34 percent). Impacts increase in the size of the village income shock and remoteness-- and are sustained 2.5 years after program introduction. Price effects from an experimental sample are confirmed with national expenditure surveys collected during program scaleup. Household-targeted cash transfers can thus generate local spillovers that undermine program goals. Selected geographic targeting may avoid price spillovers at moderate additional cost.