Philippines Inflation October 2021


Philippines: Inflation drops to lowest level since July in October

November 5, 2021

Consumer prices rose a seasonally-adjusted 0.15% from the previous month in October, accelerating from the 0.08% increase logged in September. The higher print was in part due to a weaker decline in food and non-alcoholic beverage prices, as well as a steeper increase in housing, water, electricity, gas, and other fuels prices.

Inflation edged down to 4.6% in October, which followed September’s 4.8%. October's result represented the lowest inflation rate since July. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 4.3% in October (September: 4.1%). Lastly, core inflation rose to 3.4% in October, from September’s 3.3%.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.2% in 2022, which is up 0.2 percentage points from last month’s forecast, and to average 3.1% in 2023.


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Philippines Inflation Chart

Philippines Inflation October 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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