Philippines Inflation February 2016


Philippines: Inflation moderates in February

March 5, 2016

In February, consumer prices fell 0.3% over the previous month, contrasting January’s 0.2% rise. The decrease mainly reflected lower prices for food and transport.

Inflation fell for a second consecutive month, dropping from January’s 1.3% to a four-month low of 0.9% in February. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, decreased from 1.3% in January to 1.2% in February, marking a new record low. As a result, average inflation remained below the Central Bank’s inflation target range of 2.0% to 4.0% for a fifth consecutive month.

Core consumer prices, which exclude volatile items such as food and oil, rose 0.1% in February over the previous month, coming in below January’s 0.2% increase. Finally, core inflation inched down to 1.9% from 2.0% in January.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 2.4% in 2016, which is unchanged from last month’s projection. For 2017, panelists see average inflation of 3.2%.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation February 2016

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

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