Philippines Inflation


Inflation edges down to lowest level since September 2009

In July, consumer prices increased 0.15% over the previous month, marking the lowest print recorded in four months. The reading was mostly the result of lower prices for non-food items, in particular, housing, water, electricity, gas, and other fuels.

Reflecting the subdued monthly figure, annual inflation fell from 2.7% in June to 2.5% in July, which marks its lowest point since September 2009. Meanwhile, annual average inflation - the reference rate used by the Central Bank as a guide for monetary policy - remained stable over the previous month at 3.1% in July and remains around the Central Bank's target of 4.0% plus/minus 1.0 percentage points.

The core inflation index, which excludes volatile items such as food and oil, was flat over the previous month (June: 0.46% month-on-month). Annual core inflation fell from 2.8% in June to 2.3% in July.

The Central Bank expects average inflation to settle within its target in 2013 and in 2014. FocusEconomics Consensus Forecast panellists expect annual inflation to average 3.4% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, the panel expects inflation to average 3.9%.


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Philippines Inflation Chart

Philippines Inflation July 2013

Note: Annual and monthly variation of consumer price index in %.
Source: National Statistics Office (NSO).

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