Inflation in Philippines

Philippines Inflation | Economic News & Forecasts

Philippines - Inflation

Inflation decelerates in June

Consumer prices rose 0.08% over the previous month in June, down from the 0.17% increase in May. The softer uptick in consumer prices was principally driven by a sharp fall in transport costs while the increase in prices for food and non-alcoholic beverages slowed.

Inflation weakened to 2.7% in June from 3.2% in May, remaining within the Central Bank’s target band of 3.0% plus or minus 1.0 percentage point. Core inflation, which excludes volatile food and energy prices, eased to 3.3% in June from 3.5% in May, while annual average inflation edged down to 4.8% in June from 5.0% in May.

Commenting on the implications of slowing inflation on the Central Bank’s monetary policy stance, analysts at Nomura noted:

“Falling inflation allows BSP to focus on supporting growth, particularly at a time when fiscal spending has stalled as a result of the budget delay, adversely affecting GDP growth in Q1 and likely dragging it down into Q2 with the government running another fiscal surplus in May. We believe the slow recovery of fiscal spending in Q2 will prompt more rate cuts by BSP near term in a bid to support growth and offset some of the fiscal drag.”

FocusEconomics Consensus Forecast panelists expect inflation to average 3.2% in 2019, which is down 0.1 percentage points from last month’s projection. For 2020, panelists see average inflation of 3.4%.

Philippines - Inflation Data

2013  2014  2015  2016  2017  
Inflation Rate (CPI, annual variation in %)2.6  3.6  0.7  1.3  2.9  

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Philippines Inflation Chart

Philippines Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: National Statistics Office.

Philippines Facts

Bond Yield5.05-4.11 %Jul 11
Exchange Rate51.200.02 %Jul 11
Stock Market8,1540.66 %Jul 11

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