Philippines Inflation May 2021


Philippines: Inflation remains steady in May

June 4, 2021

Consumer prices increased a seasonally-adjusted 0.08% in May over the previous month, swinging from April's 0.08% drop. May’s upturn was largely driven by higher prices for housing and utilities and transportation.

Inflation was stable at April's 4.5% in May. Meanwhile, annual average inflation ticked up to 3.5% in May (April: 3.3%). Lastly, core inflation was steady, coming in at April's 3.3% in May.

Commenting on the outlook for inflation, Julia Goh and Loke Siew Ting, economists at UOB, noted:

“The latest three months of inflation reading suggested that headline inflation had hit its peak in Feb and is now shifting into downtrend at a moderate pace. Barring any price shocks, we expect inflation to retrace back into BSP’s upper bound of 2.0%-4.0% target range from Jun onwards.”

FocusEconomics Consensus Forecast panelists expect inflation to average 4.2% in 2021, which is unchanged from last month’s forecast, and to average 3.0% in 2022.


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Philippines Inflation Chart

Philippines Inflation May 2021 0

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

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