Philippines Inflation March 2016


Philippines: Inflation edges up in March

April 5, 2016

In March, consumer prices rose 0.1% over the previous month, contrasting February’s 0.3% drop. The increase mainly reflected slightly higher prices for restaurants and miscellaneous goods and services.

Inflation edged up from February’s four-month low of 0.9% to 1.1% in March. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, inched down from 1.2% in February to 1.1% in March, marking a new record low. As a result, average inflation remained below the Central Bank’s inflation target range of 2.0% to 4.0% for a sixth consecutive month.

Core consumer prices, which exclude volatile items such as food and oil, rose 0.1% in March over the previous month, matching February’s reading. Finally, core inflation inched down to 1.8% from 1.9% in February.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 2.3% in 2016, which is unchanged from last month’s projection. For 2017, panelists see average inflation of 3.1%.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation March 2016

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

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