Latest reading: Inflation was stable at April’s 2.8% in May, in line with market expectations. Inflation thus remained below the...
Inflation in Philippines
In the year 2024, the inflation in Philippines was 3.21%, compared to 3.60% in 2014 and 5.98% in 2023. It averaged 3.39% over the last decade. 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 2024.
Source: Macrobond.
Philippines Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.4 | 3.9 | 5.8 | 6.0 | 3.2 |
| Inflation (CPI, ann. var. %, eop) | 3.3 | 3.1 | 8.1 | 3.9 | 2.9 |
| Inflation (PPI, ann. var. %, aop) | -4.6 | -1.8 | 6.5 | 1.4 | -0.7 |
Inflation inches down in May
Latest reading: Inflation came in at 1.3% in May, which was down from April’s 1.4%. May's result represented the weakest inflation rate since November 2019 and was largely due to an ongoing decline in transport costs. That said, price pressures for housing and utilities softened, and food price growth largely stabilized at April’s level. In addition, the trend pointed down mildly, with annual average inflation coming in at 2.5% in May (April: 2.7%). Finally, consumer prices increased a seasonally adjusted 0.18% over the previous month in May, swinging from April's 0.08% fall. May's uptick was the highest reading since December 2024.
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.
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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South Africa: Inflation remains unchanged, below target as expected in May -
Finland: Harmonized inflation edges up to target in May Latest reading: Harmonized inflation inched up to 2.0% in May from April’s 1.9%. May’s figure was the highest inflation rate... -
Portugal: Harmonized inflation falls to near four-year low in May Latest reading: Harmonized inflation dropped to 1.7% in May from April’s 2.1%, falling below the ECB’s 2.0% target. May’s figure... -
United Kingdom: Inflation slides in May Latest reading: Inflation dropped to 3.4% in May from April’s 3.5%, in line with market expectations and above the Bank... -
France: Harmonized inflation declines to lowest level since December 2020 in May Latest reading: Harmonized inflation edged down to 0.6% in May from April’s 0.9%. May’s figure represented the weakest inflation rate... -
Nigeria: Inflation falls in May Latest reading: Inflation eased to 23.0% in May from April’s 23.7%. May marked the fifth month after the statistical office... -
Panama: Consumer prices fall again in May Latest reading: Consumer prices fell 0.7% in annual terms in May, matching April’s result. Looking at the details of the...