Philippines Inflation March 2017


Philippines: Inflation accelerates further in March

April 6, 2017

In March, consumer prices in the Philippines rose 0.2% from the previous month, down from February’s 0.3% increase. The rise mainly reflected higher prices for transport and clothing and footwear.

Inflation was 3.4% in March, marginally up from February’s 3.3% and the highest reading in over two years, while annual average inflation inched up to a 19-month high of 2.3% from the 2.1% figure recorded in February. Annual average inflation is an important indicator as the Central Bank uses it as a guide for monetary policy, with an inflation target for the 2016–2018 period set at 3.0% plus/minus one percentage point.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.3% in March from the previous month, matching February’s reading. Finally, core inflation in March was 2.9%, which came in above February’s 2.7% print.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.7% in 2017, which is down 0.1 percentage points from last month’s projection. For 2018, panelists see average inflation of 2.8%.

Author: Massimo Bassetti, Economist

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Philippines Inflation Chart

Philippines Inflation March 2017

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

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