Philippines Inflation April 2020


Philippines: Inflation moderates further in April

May 5, 2020

Consumer prices fell 0.08% over the prior month in April, matching March’s decrease. April’s dip was largely the result of a sharp drop in transport prices and a smaller decrease in housing and utilities costs.

Inflation eased to 2.2% in April from 2.5% in March, but remained within the Central Bank’s target band of 2.0%–4.0%. Core inflation, which excludes volatile food and energy prices, ticked down to 2.8% from 3.0%. Meanwhile, annual average inflation fell to 2.1% in April from 2.2% in March.

This year, inflation should hover around current levels, supported by the pass-through from the Bank’s monetary policy easing. That said, the Covid-19 economic shock, virus-related lockdown measures and depressed oil prices so far in H1 could exert further downward pressure on prices.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.2% in 2020, which is down 0.4 percentage points from last month’s projection. For 2021, panelists see average inflation of 2.8%.

Author:, Economist

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Philippines Inflation Chart

Philippines Inflation April 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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