Philippines Inflation August 2020


Philippines: Inflation falls to lowest level since May in August

September 4, 2020

Consumer prices fell a seasonally-adjusted 0.16% in August over the previous month, contrasting the 0.49% increase logged in July. August's result marked the sharpest fall in prices since February, and was driven by lower food prices.

Inflation inched down to 2.4% in August, from July’s 2.7%, but remained within the Central Bank’s target range of 2.0%–4.0%. August's result marked the weakest inflation rate since May. Annual average inflation remained at July's 2.1% in August. Core inflation fell to 3.1% from July’s 3.3%.

Mild price pressures provide scope for the Central Bank to continue to adopt a highly accommodative stance to combat the Covid-19 fallout.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.3% in 2020, which is up 0.1 percentage points from last month’s forecast, and to average 2.8% in 2021.

Author:, Economist

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Philippines Inflation Chart

Philippines Inflation August 20 20

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

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