Philippines Inflation


Philippines: Inflation dips to almost-two-year-low in April

May 5, 2015

In April, consumer prices rose 0.2% over the previous month, contrasting March’s 0.1% decrease. April’s increase reflects higher prices for electricity, gas and other fuels.

Inflation edged down from March’s 2.4% to 2.2% in April, the lowest reading since August 2013. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, in April stood at 3.6%, which was down from March’s 3.8% and marked a 10-month low. Thus, average inflation in April rested within the Central Bank’s target range.

Core consumer prices, which exclude volatile items such as food and oil, in April rose 0.2% over the previous month, coming in above March’s 0.1% rise. Finally, core inflation moderated from March’s 2.7% to 2.5% in April.

The Central Bank’s target inflation rate is 3.0% plus/minus 1.0 percentage point for 2015 and 2016. FocusEconomics Consensus Forecast panelists expect annual inflation to average 2.8% in 2015, which is unchanged from last month’s projection. For 2016, panelists see average inflation of 3.4%.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation April 2015 0

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

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