Philippines Inflation


Philippines: Inflation slows to six-month low

November 5, 2014

In October, consumer prices rose 0.1% over the previous month, matching September’s print. October’s mild increase was largely driven by rising food prices.

Annual inflation inched down from September’s 4.4% to 4.3% in October. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, rose from 4.1% in September to 4.3% in October.

The core inflation index, which excludes volatile items such as food and oil, was unchanged over the previous month in October, following September’s 0.1% rise. Finally, annual core inflation edged down from September’s 3.4% to 3.2% in October.

The Central Bank’s target inflation rate is 4.0% plus/minus 1.0 percentage point for this year. For 2015, the inflation target is 3.0% plus/minus 1.0 percentage point. FocusEconomics Consensus Forecast panelists expect annual inflation to average 4.3% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects inflation to average 3.9%, which is also unchanged from last month’s Consensus.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation October 2014

Note: Annual and monthly variation of consumer price index in %.
Source: National Statistics Office (NSO).

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