Philippines Inflation


Philippines: Inflation accelerates to nine-month high

December 5, 2013

In November, consumer prices edged up 0.44% over the previous month. Higher prices for housing, water and fuels, as well as for food and non-alcoholic beverages, were the most important drivers behind the monthly rise.

Annual inflation rose from 2.9% in October to 3.3% in November, which represents the highest figure recorded in the past nine months. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, remained stable over the previous month at 2.8% in November. At the current level, average inflation sits below 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, rose 0.46% over the previous month (October: 0.15% month-on-month). Finally, annual core inflation rose from 2.5% in October to 2.8% in November.

The Central Bank expects inflation to settle within the lower end of its target of 4.0% plus/minus 1.0 percentage points in both 2013 and 2014. FocusEconomics Consensus Forecast panelists expect annual inflation to average 2.9% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel expects inflation to average 3.6%, which is unchanged from last month's projection.

Author:, Economist

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Philippines Inflation Chart

Philippines Inflation November 2013

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

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