Philippines Inflation September 2016


Philippines: Inflation rebounds in September

October 6, 2016

In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase. The soft rise mainly reflected higher prices for food and non-alcoholic beverages.

Inflation was 2.3% in September, edging up from the 1.8% recorded in August and marking the highest reading since March 2015. Annual average inflation inched up to a nine-month high of 1.4% from the 1.3% recorded in August. Annual average inflation is an important indicator as the Central Bank uses it as a guide for monetary policy, with an inflation target for the 2016–2018 period set at 3.0% plus/minus one percentage point.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.1% in September from the previous month, matching August’s reading. Finally, core inflation in September accelerated to a 17-month high of 2.3% from August’s 2.0%.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.9% in 2016, which is unchanged from last month’s projection. For 2017, panelists see average inflation of 2.9%.

Author: Massimo Bassetti, Economist

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