Philippines Inflation


Philippines: Inflation accelerates to three-month high

May 7, 2014

In April, consumer prices increased 0.4% over the previous month (March: -0.1% year-on-year), which marked the highest reading in three months. The figure was mainly influenced by an increase in prices for housing, water and fuels, as well as for food and non-alcoholic beverages.

Building on the higher monthly print, annual inflation edged up from 3.9% in March to 4.1% in April, which also marks a three-month high. Meanwhile, annual average inflation, which is the reference rate the Central Bank uses as a guide for monetary policy, edged up from 3.1% in March to 3.3% in April. At the current level, average inflation remains within the Central Bank's target range of 4.0% plus/minus 1.0 percentage points.

The core inflation index, which excludes volatile items such as food and oil, rose 0.4% over the previous month (March: -0.1% month-on-month). Finally, annual core inflation edged up from 2.8% in March to 2.9% in April.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 4.0% in 2014, which is unchanged from last month's forecast. For 2015, the panel expects inflation to average 3.8%.

Author:, Head of Data Solutions

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Philippines Inflation Chart

Philippines Inflation April 2014

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

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