Philippines Inflation July 2016


Inflation stable in July

In July, consumer prices were up 0.1% over the previous month, which was below the 0.4% increase recorded in June. July’s soft rise mainly reflected higher prices for food items.

Inflation stood at 1.9% in July, matching June's result. Moreover, annual average inflation inched up from 1.1% in June to 1.2% in July. In fact, the Central Bank uses annual average inflation as a guide for monetary policy.

Core consumer prices, which exclude volatile items such as food and oil, rose 0.1% in July over the previous month, undershooting June’s 0.4% increase. Finally, core inflation remained at June’s all-time low of 1.7% in July.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.9% in 2016, which is unchanged from last month’s projection. For 2017, panelists see average inflation of 2.9%.

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Philippines Inflation Chart

Philippines Inflation July 2016

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

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