Philippines Inflation October 2022


Philippines: Inflation comes in at highest level since December 2008 in October

November 4, 2022

Inflation rose to 7.7% in October, following September’s 6.9%. October's figure represented the highest inflation rate since December 2008. The pick-up was broad-based, with greater price pressures recorded for food and non-alcoholic beverages, clothing and footwear, and housing and utilities.

The trend pointed up, with annual average inflation coming in at 5.0% in October (September: 4.7%).

Finally, consumer prices rose a seasonally adjusted 1.03% over the previous month in October, accelerating from the 0.60% rise seen in September. October's result was the highest reading since January 2021.

Our panelists expect inflation to average 4.2% in 2023, which is up 0.1 percentage points from last month’s forecast, and to average 3.1% in 2024.


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Philippines Inflation Chart

Philippines Inflation October 2022 2

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

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