Latest reading: Harmonized consumer prices increased 2.4% on a year-on-year basis in July, following a 2.0% rise in the previous...
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 decelerates in July from the prior month
Latest reading: Consumer prices increased 6.2% on a year-on-year basis in July, following a 6.4% increase in the previous month but remaining above the Central Bank’s 2.0–4.0% target range. Relative to the previous month's figures, price pressures reduced for transport in July (+11.9% in annual terms vs +12.8% in June). In contrast, price pressures were higher for housing and utilities in July (+8.2% vs +8.1% in June). Finally, the changes in clothing and footwear and food and non-alcoholic beverages were the same as in the prior month (+3.0% and +5.2%, respectively). Lastly, consumer prices rose 0.07% in July on a seasonally adjusted month-on-month basis, following a 0.22% fall in the previous month.
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 35 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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France: Inflation picks up in July from the prior month -
Israel: Inflation slows in July from the prior month Latest reading: Consumer prices rose 1.5% on a year-on-year basis in July, following a 1.6% increase in the previous month.... -
Argentina: Inflation picks up in July from June Latest reading: Consumer prices increased 33.8% on a year-on-year basis in July, following a 33.5% rise in the prior month.... -
Finland: Inflation ebbs in July from June Latest reading: Harmonized consumer prices increased 2.5% on a year-on-year basis in July, following a 2.7% rise in the prior... -
Saudi Arabia: Inflation stabilizes in July Latest reading: Consumer prices rose 1.8% on a year-on-year basis in July, stable from the prior month’s reading. July’s reading... -
Sweden: Inflation ebbs in July from June Latest reading: Consumer prices with a fixed interest rate (CPIF) rose 0.7% on a year-on-year basis in July, following a... -
Romania: Inflation eases in July from the prior month Latest reading: Consumer prices increased 8.2% on a year-on-year basis in July, following a 10.4% rise in the prior month....