Philippines Inflation August 2021


Philippines: Inflation comes in at highest level since December 2018 in August

September 7, 2021

Consumer prices rose a seasonally-adjusted 0.62% over the previous month in August, accelerating from the 0.39% increase logged in July. August's uptick marked the highest reading since January. The increase was primarily driven by rising food and non-alcoholic beverage prices, while housing and transport costs grew at a slower rate, tempering the overall decrease somewhat.

Inflation came in at 4.9% in August, which was up from July’s 4.0%. August's result marked the highest inflation rate since December 2018. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 3.9% in August (July: 3.7%). Lastly, core inflation rose to 3.3% in August, from the previous month's 2.9%.

FocusEconomics Consensus Forecast panelists expect inflation to average 4.1% in 2021, which is unchanged from last month’s forecast, and to average 3.0% in 2022.


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Philippines Inflation Chart

Philippines Inflation August 2021

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

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