Philippines Inflation October 2019


Philippines: Inflation sinks further below Central Bank target range in October

November 5, 2019

Consumer prices rose 0.17% month-on-month in October, matching September’s increase. Higher prices for alcoholic beverages and tobacco offset flat price growth for education and communication.

Inflation ticked down to 0.8% in October from 0.9% in September, consequently falling further below the lower limit of the Central Bank’s target band of 2.0%–4.0%. Core inflation, which excludes volatile food and energy prices, was stable at 2.7%.

Moving forward, inflation should strengthen, boosted by stronger economic activity, the pass-through from the Bank’s previous rate cuts and as last year’s high base effect fades.

FocusEconomics Consensus Forecast panelists expect inflation to average 3.1% in 2020, which is down 0.1 percentage points from last month’s projection. For 2021, panelists see average inflation of 3.3%.

Author:, Economist

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Philippines Inflation Chart

Philippines Inflation October 2019

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

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