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
Philippines Inflation Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 2.4 | 2.4 | 3.9 | 5.8 | 6.0 |
Inflation (CPI, ann. var. %, eop) | 2.4 | 3.3 | 3.1 | 8.1 | 3.9 |
Inflation (PPI, ann. var. %, aop) | -2.3 | -4.6 | -1.8 | 6.5 | 1.4 |
Inflation drops to lowest level since March in June
Inflation inched down to 3.7% in June, edging down from May’s 3.9%. June's result marked the lowest inflation rate since March. The result was driven by moderating price pressures for housing and utilities. Moreover, prices for transport grew at a more subdued pace. In contrast, food price growth strengthened in June. Accordingly, the trend pointed down mildly, with annual average inflation coming in at 4.2% in June (May: 4.3%). Finally, consumer prices increased a seasonally adjusted 0.03% in June over the previous month, below May's 0.34% rise. June's result marked the weakest reading since January.
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 info@focus-economics.com.
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