Philippines Inflation May 2017


Philippines: Inflation moderates in May

June 6, 2017

In May, consumer prices in the Philippines rose 0.1% from the previous month, down from April’s 0.3% increase. The moderate rise mainly reflected higher prices for alcoholic beverages and tobacco, recreation and culture and restaurants which more than offset lower prices for housing, water, electricity, gas and other fuels, and transport.

Inflation was 3.1% in May, below April’s 3.4% and the upper bound 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 22-month high of 2.6% from the 2.5% figure recorded in April.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.1% in May from the previous month, down from April’s 0.3%. Finally, core inflation in May was 2.9%, which came in slightly below April’s 3.0% 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 May 2017 1

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

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