Philippines Inflation June 2021

Philippines

Philippines: Inflation drops to lowest level since December 2020 in June

July 6, 2021

Consumer prices increased a seasonally-adjusted 0.16% from the previous month in June, following May's 0.08% increase. June's uptick was the sharpest increase in prices since February and was largely driven by higher prices for transportation.

Inflation eased to 4.1% in June from May’s 4.5%. June's figure marked the lowest inflation rate since December 2020. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 3.6% in June (May: 3.5%). Lastly, core inflation fell to 3.0% in June, from the previous month's 3.3%.

FocusEconomics Consensus Forecast panelists expect inflation to average 4.1% in 2021, which is down 0.1 percentage points from last month’s forecast, and to average 3.0% in 2022.


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Philippines Inflation June 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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