Philippines Inflation


Inflation moderates in September

In September, consumer prices fell 0.08% over the previous month, which contrasted the 0.77% rise observed in August. The result mainly reflected lower prices for electricity and food. As a result of the monthly drop, annual headline inflation eased from 3.8% in August to 3.6% in September. Annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, inched down from 3.7% in August to 3.6% in September. Finally, the core inflation index, which excludes the price volatility associated with items such as food and oil, fell 0.39% over the previous month, driving annual core inflation down to 3.8% in September (August: 4.3%). The Central Bank expects inflation to settle within its target of 4.0% plus/minus 1.0 percentage points for this year and next.


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Philippines Inflation Chart

Philippines Inflation September 2012

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

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