Philippines Inflation December 2020


Philippines: Inflation rises to over one-year high in December

January 5, 2021

Consumer prices increased a seasonally-adjusted 0.88% from the previous month in December, slightly below the 1.05% increase recorded in November. The reading was largely attributed to higher prices for food and non-alcoholic beverages.

Inflation accelerated to 3.5% in December, up from November’s 3.3%, marking the highest inflation rate since February 2019, but still remaining within the government’s target range of 2.0%–4.0%. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 2.6% in December (November: 2.5%). Lastly, core inflation ticked up to 3.3% from November’s 3.2%.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.8% in 2021, which is down 0.1 percentage points from last month’s forecast, and to average 3.1% in 2022.


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Philippines Inflation Chart

Philippines Inflation December 20 20 1

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

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