Philippines Inflation


Philippines: Inflation stabilizes at low level following downward trend

November 5, 2015

In October, consumer prices rose 0.1% over the previous month, contrasting September’s 0.2% decrease.

Following seven months of decreasing inflation, inflation stabilized at September’s record low of 0.4% in October. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, fell from 2.1% in September to 1.7% in October, marking the lowest value on record. As a result, average inflation in September for the first time on record fell below the Central Bank’s inflation target range of 2.0% to 4.0%.

Core consumer prices, which exclude volatile items such as food and oil, in October rose 0.1% over the previous month, contrasting September’s small 0.1% decrease. Finally, core inflation edged down from September 2.3% to 2.1% in October.

The Central Bank’s target inflation rate is 3.0% plus/minus 1.0 percentage point for 2015 and 2016. FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.7% in 2015, which is unchanged from last month’s projection. For 2016, panelists see average inflation 2.9%, which is also unchanged from last month’s Consensus.

Author: Teresa Kersting, Economist

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Philippines Inflation Chart

Philippines Inflation October 2015

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

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