Philippines Inflation December 2017


Philippines: Inflation remains steady in December

January 5, 2018

In December, consumer prices rose 0.3% compared to the previous month, slightly down from November’s 0.5% increase. The rise was driven by higher prices for food and non-alcoholic beverages—especially for corn, fish and fruit—and for alcoholic beverages and tobacco.

Inflation came in at 3.3% in December, matching November’s reading. Inflation thus remained within the Central Bank’s target range for the 2017–2020 period, set at 3.0% plus or minus one percentage point. Meanwhile, annual average inflation inched up to 3.2% from November’s 3.1%, the highest print since May 2015.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.3% over the previous month in December, decelerating from November’s 0.4% rise. Finally, core inflation in December was 3.0%, below November’s 3.3%.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.3% in 2018 which is unchanged from last month’s projection. For 2019, panelists see inflation of 3.4%.

Author: Massimo Bassetti, Senior Economist

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Philippines Inflation Chart

Philippines Inflation December 2017

Note: Annual and monthly variation of consumer price index in %.
Source: Central Bank of the Philippines (BSP) and FocusEconomics calculations.

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