Latest reading: Consumer prices were flat year on year in June, contrasting May’s 0.1% year-on-year decline and market expectations for...
Inflation in Philippines
Consumer price inflation in Philippines averaged 3.4% in the ten years to 2024, in line with the ASEAN regional average of 3.0%. The 2024 average figure was 3.2%. For more information on inflation, visit our dedicated page.
Philippines Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Philippines from 2014 to 2024.
Source: Macrobond.
Philippines Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.4 | 3.9 | 5.8 | 6.0 | 3.2 |
| Inflation (CPI, ann. var. %, eop) | 3.3 | 3.1 | 8.1 | 3.9 | 2.9 |
| Inflation (PPI, ann. var. %, aop) | -4.6 | -1.8 | 6.5 | 1.4 | -0.7 |
Inflation inches down in May
Latest reading: Inflation came in at 1.3% in May, which was down from April’s 1.4%. May's result represented the weakest inflation rate since November 2019 and was largely due to an ongoing decline in transport costs. That said, price pressures for housing and utilities softened, and food price growth largely stabilized at April’s level. In addition, the trend pointed down mildly, with annual average inflation coming in at 2.5% in May (April: 2.7%). Finally, consumer prices increased a seasonally adjusted 0.18% over the previous month in May, swinging from April's 0.08% fall. May's uptick was the highest reading since December 2024.
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 35 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 info@focus-economics.com.
Latest Global Inflation News
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Switzerland: Consumer prices are unchanged in June -
Peru: Inflation remains muted in June Latest reading: Inflation came in at 1.7% in June, matching May’s result and in line with the Central Bank’s 1.0–3.0%... -
Kazakhstan: Inflation increases to a near two-year high in June Latest reading: Inflation rose to 11.8% in June, above May’s 11.3%, marking the highest inflation rate since August 2023, and... -
Kenya: Inflation flatlines below midpoint of the target range in June Latest reading: Inflation was stable at May’s 3.8% in June, remaining below the midpoint of the Central Bank’s 2.5–7.5% target... -
Australia: Inflation nears target floor in May Latest reading: Inflation dropped to 2.1% in May after having stood at 2.4% for a third consecutive month in April.... -
Hong Kong: Inflation moderates in May Latest reading: Inflation fell to 1.9% in May from April’s 2.0%, due to weaker price pressures for food, transport and... -
Canada: Inflation remains on target in May Latest reading: Inflation came in at 1.7% in May, matching April’s reading and market expectations, and comfortably within the Central...