The ocean and the beach in the Philippines

Philippines Inflation August 2022

Philippines: Inflation moderates in August

Inflation eased to 6.3% in August, easing marginally from July’s 6.4%. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a slower pace in August, as did prices for transport. These more than offset prices for clothing and footwear growing at a brisker pace.

In contrast, annual average inflation ticked up to 4.5% in August (July: 4.4%).

Lastly, consumer prices increased a seasonally-adjusted 0.43% over the previous month in August, a smaller increase than July’s 0.61% rise. August’s result marked the softest rise in prices since February.

On the trajectory of inflation for the rest of 2022, analysts at the EIU commented:

“[As] the peso continues to weaken (on 5 September the local currency closed at an all-time low against the U.S. dollar), imported inflation is accelerating. Indicating strengthening demand-side pull, growth in consumer loans reached 14.7% in July, from 10.9% in June, according to latest data from the Bangko Sentral ng Pilipinas (the central bank). We will be revising up our consumer price inflation forecast for 2022 from 4.9% to 5.4%.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest