Philippines Inflation August 2016

Philippines

Philippines: Inflation inches down in August

September 6, 2016

In August, consumer prices increased 0.1% over the previous month, which was in line with July’s increase. August’s soft rise mainly reflected higher prices for food and non-alcoholic beverages.

Inflation was 1.8% in August, inching down from the 1.9% recorded in July and marking the lowest reading since May 2016. Annual average inflation inched up to a seven-month high of 1.3% from the 1.2% recorded in July. Annual average inflation is an important indicator as the Central Bank uses it as a guide for monetary policy, with an inflation target for the 2016–2018 period set at 3.0% plus/minus one percentage point.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.1% in August over the previous month, matching July’s reading. Finally, core inflation in August accelerated to an eight-month high of 2.0% from July’s 1.9%.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.9% in 2016, which is unchanged from last month’s projection. For 2017, panelists see average inflation of 2.9%.


Author: Teresa Kersting, Economist

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Philippines Inflation August 2016 1

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


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