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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 2013 to 2022.
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 July in October

Inflation came in at 4.9% in October, which was down from September’s 6.1%. October's figure marked the weakest inflation rate since July. The result was largely driven by a softer increase in prices for food and non-alcoholic beverages. Moreover, prices for transport grew at a more subdued pace. Annual average inflation fell to 6.6% in October (September: 6.9%). Lastly, consumer prices dropped a seasonally adjusted 0.29% from the previous month in October, contrasting September's 1.23% rise. October's result marked the weakest reading since February 2020.

Analysts at the EIU commented on the outlook: “Inflation will moderate to 3.3% in 2024, well within the BSP's target range of 2-4%. However, some price pressures from food security and elevated global oil prices will continue to put an upside risk to our forecast. The most notable risk to this forecast arises from extreme weather events affecting agriculture production and, subsequently, food prices. […] With economic activity remaining below trend, the upside risk to inflation would give the BSP an awkward monetary policy dilemma.”

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 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.

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