Philippines Inflation

Philippines

Philippines: Inflation inches down in March

April 7, 2015

In March, consumer prices fell 0.1% over the previous month, contrasting February’s 0.1% rise. March’s decrease reflects lower prices for food items.

Inflation inched down from February’s 2.5% to 2.4% in March. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, in March stood at 3.8%, which was a bit down from February’s 3.9% and marked an eight-month low. Thus, average inflation in February rested slightly below the upper bound of the Central Bank’s target range.

The core inflation index, which excludes volatile items such as food and oil, in March rose 0.1% over the previous month, coming in below February’s 0.4% rise. Finally, annual core inflation rose from February’s 2.5% to 2.7% in March.

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 2.9% in 2015, which is down 0.2 percentage points from last month’s projection. For 2016, panelists see average inflation of 3.5%.


Author: Teresa Kersting, Economist

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Philippines Inflation Chart


Philippines Inflation March 2015

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


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