Philippines Inflation


Philippines: Inflation drops in September to yet another record low

October 6, 2015

In September, consumer prices fell 0.2% over the previous month, contrasting August’s mild 0.1% rise. September’s decrease mainly reflected lower prices for food items and for electricity, gas and other fuels.

Inflation dropped from 0.6% in August to yet another record low of 0.4% in September. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, fell from 2.4% in August to 2.1% in September, which marked the lowest value on record. Despite the drop, average inflation in August still rested within the Central Bank’s inflation target range of 2.0% to 4.0%.

Core consumer prices, which exclude volatile items such as food and oil, in September decreased 0.1% over the previous month: in August they had been unchanged. Finally, core inflation inched down from August’s 2.4% to 2.3% in September.

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 1.8% in 2015, which is unchanged from last month’s projection. For 2016, panelists see average inflation 3.1%.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation September 2015

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

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