Philippines Inflation October 2020


Philippines: Inflation increases in October

November 4, 2020

Consumer prices rose a seasonally-adjusted 0.32% over the previous month in October amid higher food prices, picking up from September's 0.08% rise.

Inflation inched up to 2.5% in October from September’s 2.3%, but remained within the government’s target range of 2.0%–4.0%. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 2.4% in October (September: 2.2%). Core inflation fell to 3.0% from September’s 3.2%.

Mild price pressures provide scope for the Central Bank to continue to adopt a highly accommodative stance to combat the Covid-19 fallout. The Central Bank reiterated 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 2.9% in 2021, which is unchanged from last month’s forecast, and to average 3.1% in 2022.

Author:, Economist

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Philippines Inflation Chart

Philippines Inflation October 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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