Philippines Inflation January 2016


Philippines: Inflation moderates in January

February 5, 2016

In January, consumer prices rose 0.2% over the previous month, matching December’s result. The rise mainly came on the back of higher prices for food items, which more than compensated for lower prices for electricity, gas and other fuels as well as for transport.

Following two consecutive increases, inflation fell in January, from 1.5% in December to 1.3%. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, decreased from 1.4% in December to 1.3% in January, 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 fourth consecutive month.

Core consumer prices, which exclude volatile items such as food and oil, in January rose 0.2% over the previous month, coming in below December’s 0.4% increase. Finally, core inflation rested at December’s 2.0%.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 2.6% 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 January 2016

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

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