Philippines Inflation August 2018


Philippines: Inflation jumps to near 10-year high in August

September 5, 2018

Consumer prices rose 0.9% over the previous month in August, up from the 0.5% increase registered in July. August’s result came on the back of higher prices for 10 out of the 11 components of the index, with food and non-alcoholic beverages, recreation and culture, and transport recording the strongest price increases. Meanwhile, prices for communication were stable.

Inflation accelerated to a near-decade high of 6.4% in August from 5.7% in July. Consequently, inflation moved further above the upper bound of the Central Bank’s target range for the 2017–2020 period, set at 3.0% plus or minus 1.0 percentage point. Meanwhile, annual average inflation edged up to 4.2% in August from 3.8% in July.

Philippines Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 4.6% in 2018, which is up 0.1 percentage points from last month’s projection. For 2019, panelists see inflation of 3.9%.


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Philippines Inflation Chart

Philippines Inflation August 2018

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

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