Latest reading: Harmonized consumer prices increased 2.7% in annual terms in June, following a 2.8% rise in the prior month....
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 2025.
Source: Macrobond.
Philippines Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.9 | 5.8 | 6.0 | 3.2 | 1.7 |
| Inflation (CPI, ann. var. %, eop) | 3.1 | 8.1 | 3.9 | 2.9 | 1.8 |
| Inflation (PPI, ann. var. %, aop) | -1.8 | 6.5 | 1.4 | -0.7 | 0.4 |
Inflation ebbs in June from May
Latest reading: Consumer prices rose 6.4% in annual terms in June, following a 6.8% increase in the previous month. The reading came in below market expectations but remained sharply above the Central Bank’s 2.0–4.0% target range. Relative to the prior month's data, there were milder price pressures for food and non-alcoholic beverages (+5.2% on a year-on-year basis vs +5.7% in May) and transport (+12.8% vs +16.2% in May). In contrast, price pressures were higher for housing and utilities in June (+8.0% vs +7.8% in May). Finally, the variation in clothing and footwear prices was the same as in the prior month (+3.0% in June and May). Finally, consumer prices were down 0.29% in June in seasonally adjusted month-on-month terms, following a 0.51% decline in the previous month.
Panelist insight: United Overseas Bank’s Julia Goh and Loke Siew Ting commented on the outlook: “Given the sharper-than-expected easing in headline inflation over the past two months, lower oil price prospects, and continued government support measures, we are now revising our 2026 inflation forecast down to 6.0% from 7.5% (BSP est: 6.4%; 2025: 1.7%). That said, the near-term inflation outlook remains subject to risks from US-Iran peace talks, El Niño-related supply disruptions, minimum wage hikes, and PHP volatility amid unfavourable base effects.”
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 36 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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Finland: Inflation eases in June from May -
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