Philippines Inflation October 2018


Philippines: Inflation steady at September's near 10-year high in October

November 6, 2018

Consumer prices rose 0.3% over the previous month in October, down from the 0.9% uptick in September. The increase was driven by higher prices for 9 of the 11 components of the index, with transport; housing, water, electricity, gas, and other fuels; and alcoholic beverages and tobacco registering the strongest month-on-month price growth. Meanwhile, prices for education and communication were flat in the month.

Inflation was stable at September’s 6.7% in October, which represents a near-decade high. Thus, inflation remained above the upper bound of the Central Bank’s target range for the 2018–2020 period, set at 3.0% plus or minus 1.0 percentage point. Meanwhile, annual average inflation rose to 4.8% in October from 4.5% in September.

Philippines Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 4.9% in 2019, which is up 0.3 percentage points from last month’s projection. For 2020, panelists see inflation of 4.1%.


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Philippines Inflation Chart

Philippines Inflation October 2018

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

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