Latest reading: Harmonized inflation came in at 0.9% in June, up from May’s 0.6% but well below the Euro area...
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 increases in June
Latest reading: Inflation came in at 1.4% in June, up from May’s 1.3%. The uptick was driven by stronger price growth for housing and utilities and a softer fall in transport costs. That said, inflation remained below the floor of the Central Bank’s 2.0–4.0% target range as prices for food rose at the softest rate in over three years. The trend pointed down mildly, with annual average inflation coming in at 2.3% in June (May: 2.5%). Finally, consumer prices increased a seasonally adjusted 0.16% from the previous month in June, slowing down from the 0.18% increase seen in May.
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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France: Harmonized inflation rises in June -
Nigeria: Inflation declines in June Latest reading: Inflation eased to 22.2% in June, following May’s 23.0%. June marked the fifth month after the statistical office... -
Canada: Inflation rises in June but remains mild Latest reading: Inflation rose to 1.9% in June from May’s 1.7%, aligned with market expectations and well within the Central... -
United Kingdom: Inflation comes in at highest level since January 2024 in June Latest reading: Inflation came in at 3.6% in June, which was up from May’s 3.4%. June’s reading marked the highest... -
Israel: Inflation increases in June Latest reading: Inflation came in at 3.3% in June, which was up from May’s 3.1% and beat market expectations. The... -
United States: Inflation rises in June Latest reading: Inflation increased to 2.7% in June, following May’s 2.4% and moving further above the Fed’s 2.0% target. Looking... -
Bulgaria: Inflation rises to over one-year high in June Latest reading: Inflation increased to 4.4% in June from May’s 3.7%. June’s result was the highest inflation rate since December...