Philippines Inflation May 2018


Philippines: Inflation edges higher in May

June 5, 2018

In May, consumer prices were flat compared to the previous month, coming in below the 0.5% increase reported in May. April’s print reflected higher prices for transportation, and alcoholic beverages and tobacco, which were offset by lower prices for food and non-alcoholic beverages.

Inflation came in at an over six-year high of 4.6% in May, just above April’s 4.5% increase. Inflation in March moved above the upper bound of the Central Bank’s target range for the 2017–2020 period, set at 3.0% plus or minus one percentage point. Meanwhile, annual average inflation inched up from 3.2% in April to 3.3% in May.

Philippines Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 3.5% in 2018, which is unchanged from last month’s projection. For 2019, panelists see inflation of 3.4%.

Author: Jean-Philippe Pourcelot, Economist

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Philippines Inflation Chart

Philippines Inflation May 2018

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

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