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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 drops to lowest level since October 2020 in January

Inflation dropped to 2.8% in January from December’s 3.9%. January's figure marked the weakest inflation rate since October 2020. The decline was broad-based, with lower price pressures recorded for food and non-alcoholic beverages, clothing and footwear, and housing and utilities. Moreover, prices for transport dropped. Annual average inflation fell to 5.5% in January (December: 6.0%). Finally, consumer prices fell a seasonally adjusted 0.14% over the previous month in January, contrasting the 0.10% rise logged in December. January's result marked the sharpest fall in prices since October 2023.

ING analyst Nicholas Mapa commented on the release: “Despite the slide in headline inflation, we are fully expecting the Bangko Sentral ng Pilipinas (BSP) to retain their hawkish tone and promise to keep their policy stance “sufficiently tight” for the time being. BSP Governor Remolona indicated that he was expecting inflation to slide in Q1 before accelerating sharply in Q2, justifying his outlook for rates to stay higher for longer. […] If we continue to see inflation moderate well into 2Q, we do expect BSP to begin to change their tune to signal a pivot, possibly by June.”

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 34 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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