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Philippines Inflation

Philippines Inflation

Inflation in Philippines

Consumer price inflation in the Philippines averaged 3.1% in the ten years up to 2022, above the Asia-Pacific regional average of 2.1%. The 2022 average figure was 5.8%. For more inflation information, visit our dedicated page.

Philippines Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Philippines from 2014 to 2023.
Source: Philippine Statistics Authority.

Philippines Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 5.2 2.4 2.4 3.9 5.8
Inflation (CPI, ann. var. %, eop) 5.2 2.4 3.3 3.1 8.1
Inflation (PPI, ann. var. %, aop) 3.2 -2.3 -4.6 -1.8 6.5

Inflation comes in at highest level since December 2023 in April

Inflation rose to 3.8% in April, following March’s 3.7%. April's figure was the highest inflation rate since December 2023. The reading was driven by stronger price pressures for food and transportation, with red-hot prices for rice continuing to fan domestic inflation. The trend pointed down mildly, with annual average inflation coming in at 4.5% in April (March: 4.7%). Finally, consumer prices rose a seasonally adjusted 0.23% in April over the previous month, below the 0.33% rise logged in March. April's result marked the weakest reading since January.

United Overseas Bank analysts Julia Goh and Loke Siew Ting said: “The nation’s headline inflation is expected to stay near or above 4.0% in the next few months before reversing course in late Q3 2024 and settling within the central bank’s medium-term target range in Q4 2024. This is largely due to the impact of extreme weather and base effects. It will take the full-year inflation rate to an average of 3.5% this year (BSP est: 3.8%, 2023: 6.0%), with the continued nonmonetary intervention measures by the government playing a critical role in containing supply-driven price pressures. […] We now anticipate BSP to start cutting its policy rates only in Q4 2024 (from Q2 2024 previously) when the central bank gains greater confidence that inflation is moving sustainably down to its mid-point target and US Fed has kicked off its rate cut cycle.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Philippine inflation projections for the next ten years from a panel of 33 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Philippine inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Philippine inflation projections.

Want to get access to the full dataset of Philippine inflation forecasts? Send an email to

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