Philippines Inflation June 2017


Philippines: Inflation moderates further in June

July 5, 2017

In June, consumer prices rose 0.1% from the previous month, up from May’s flat result. The moderate rise mainly reflected higher prices for food and non-alcoholic beverages, alcoholic beverages and tobacco and recreation and culture which more than offset lower prices for housing, water, electricity, gas and other fuels, and transport.

Inflation came in at a five-month low of 2.8% in June, below May’s 3.1% and the central point of the Central Bank’s target for the 2016–2018 period, set at 3.0% plus/minus one percentage point. Annual average inflation inched up to a 23-month high of 2.7% from the 2.6% figure recorded in May.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, were unchanged from the previous month, down from May’s 0.1% rise. Finally, core inflation in June was 2.6%, which came in below May’s 2.9% print.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.7% in 2017, which is down 0.1 percentage points from last month’s projection. For 2018, panelists see average inflation of 2.8%.

Author: Massimo Bassetti, Economist

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Philippines Inflation Chart

Philippines Inflation June 2017

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

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