Philippines Inflation February 2017


Philippines: Inflation accelerates in February

March 7, 2017

In February, consumer prices in the Philipiines rose 0.3% from the previous month, matching January’s reading. The rise mainly reflected higher prices for alcoholic beverages and tobacco as well as for housing, water, electricity, gas and other fuels.

Inflation was 3.3% in February, which was up from January’s 2.7% and the highest result in over two years, while annual average inflation edged up to an 18-month high of 2.1% from the 1.9% recorded in January. 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 February from the previous month, up from January’s 0.2% increase. Finally, core inflation in February was 2.7%, which came in above January’s 2.5% print—the highest since March 2015.

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 February 2017

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

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