Philippines Inflation July 2017


Philippines: Inflation ticks up in July

August 4, 2017

In July, consumer prices rose 0.3% from the previous month, up from June’s revised flat result (previously reported: 0.1% month-on-month). The moderate rise mainly reflected higher prices for housing, water, electricity, gas and other fuels, alcoholic beverages and tobacco and transport, which more than offset lower prices for food and non-alcoholic beverages.

Inflation came in at 2.8% in July, marginally above June’s revised 2.7% (previously reported: 2.8%) and below the central point of the Central Bank’s target for the 2016–2018 period, set at 3.0% plus/minus one percentage point. Annual average inflation mirrored June’s 24-month high of 2.7%.

Core consumer prices, which exclude volatile items such as foodstuffs and oil, dropped 0.3% from the previous month, down from June’s flat result. Finally, core inflation in July was 2.1%, which came in below June’s 2.6% print and marked the lowest result in almost one year.

FocusEconomics Consensus Forecast panelists expect annual inflation to average 1.7% in 2017, which is down 0.1 percentage points from last month’s projection. For 2018, panelists see average inflation of 2.8%.

Author: Massimo Bassetti, Economist

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Philippines Inflation Chart

Philippines Inflation July 2017

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

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