Philippines Inflation April 2018


Philippines: Inflation climbs further above the Central Bank's target range in April

May 7, 2018

In April, consumer prices rose 0.5% compared to the previous month, matching the 0.5% month-on-month rise recorded in March. Alcoholic beverages and tobacco, transport, and clothing and footwear were the components that recorded the largest increases in April. Prices are still being pushed up by the entry into force in 2018 of the Tax Reform for Acceleration and Inclusion (TRAIN), which increased excise taxes on a number of products.

Inflation came in at an over six-year high of 4.5% in April, above March’s 4.3% increase. Inflation in April moved further above the upper bound of the Central Bank’s target range for the 2017–2020 period, set at 3.0% plus or minus one percentage point. Meanwhile, annual average inflation edged up from 3.1% in March to 3.2% in April.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.5% in 2018, which is unchanged from last month’s projection. For 2019, panelists see inflation of 3.4%.

Author: Jean-Philippe Pourcelot, Economist

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Philippines Inflation Chart

Philippines Inflation April 2018

Note: Annual and monthly variation of consumer price index in %.
Source: Central Bank of the Philippines (BSP) and FocusEconomics calculations.

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