Philippines Inflation


Philippines: Inflation falls in July to yet another record-low

August 5, 2015

In July, consumer prices rose a mild 0.1% over the previous month, matching June’s reading. July’s soft increase mainly reflected higher prices for food items.

Inflation dropped from 1.2% in June to yet another record low of 0.8% in July. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, edged down from 3.1% in June to 2.8% in July, which marked the lowest value since May 2004. Despite the drop, average inflation in July 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 July rose 0.1% over the previous month, which mirrored June’s result. Finally, core inflation moderated from June’s 2.7% to 2.6% in July.

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 2.3% in 2015, which is unchanged from last month’s projection. For 2016, panelists see average inflation of 3.3%.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation July 2015

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

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