Philippines Inflation November 2020


Philippines: Inflation rises to over one-year high in November amid extreme weather

December 3, 2020

Consumer prices increased a seasonally-adjusted 1.05% in November over the previous month, picking up from October's 0.32% increase. November's result was the sharpest increase in prices since February 2011. The reading was driven by notably higher food prices, likely due to recent typhoons disrupting supply.

Inflation increased to 3.3% in November, above October’s 2.5% but remaining within the government’s target range of 2.0%–4.0%. November's reading marked the highest inflation rate since March 2019. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 2.5% in November (October: 2.4%). Lastly, core inflation ticked up to 3.2% from October’s 3.0%.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.9% in 2021, which is unchanged from last month’s forecast, and to average 3.1% in 2022.

Author:, Economist

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Philippines Inflation Chart

Philippines Inflation November 20 20

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

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