Philippines Inflation September 2020


Philippines: Inflation falls to lowest level since May in September

October 6, 2020

Consumer prices rose a seasonally-adjusted 0.08% in September over the previous month, swinging from the 0.16% fall seen in August, and driven for higher prices for clothing and footwear, and health.

Inflation came in at 2.3% in September, which followed August’s 2.4%. September's result represented the lowest inflation rate since May, but remained within the Central Bank’s target range of 2.0%–4.0%. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 2.2% in September (August: 2.1%). Lastly, core inflation ticked up to 3.2% from the previous month's 3.1%.

Mild price pressures provide scope for the Central Bank to continue to adopt a highly accommodative stance to combat the Covid-19 fallout. Indeed, the Central Bank stated it judges risks to the inflation outlook to be skewed to the downside due to possible further Covid-19-induced disruptions to domestic and foreign activity.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2020, which is up 0.1 percentage points from last month’s forecast, and to average 2.9% in 2021, which is also up 0.1 percentage points from last month’s projection.

Author:, Economist

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Philippines Inflation Chart

Philippines Inflation September 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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