Inflation in Philippines

Philippines Inflation | Economic News & Forecasts

Philippines - Inflation

Inflation comes in at highest level since October 2018 in July

Consumer prices rose a seasonally-adjusted 0.61% over the previous month in July, moderating from the 0.97% increase seen in June. Looking at the details of the release, food remains the primary driver of month-on-month inflation. In addition, housing and utilities prices dropped in July compared to the previous month, while price pressures for clothing and footwear picked up pace. Moreover, prices for health grew at a more subdued pace.

Inflation came in at 6.4% in July, up from June’s 6.1%. July's result marked the highest inflation rate since October 2018. Annual average inflation rose to 4.4% in July (June: 4.1%).

On the trajectory of inflation for the rest of 2022, analysts at the EIU commented:

“We expect the government to introduce further price control measures on fuel, as it has done on certain food items in recent years. These measures will moderate the pace of inflation in 2022. The receding impact on food prices of the African swine fever epidemic should also limit price rises. With energy prices likely to come down in 2023, inflation should decelerate in that year. The return to steady economic growth will keep inflation relatively stable in 2023-26, at an annual average of 3.2%.”

FocusEconomics Consensus Forecast panelists expect inflation to average 4.9% in 2022, which is up 0.3 percentage points from last month’s forecast, and 3.9% in 2023.

Philippines - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)0.7  1.3  2.9  5.2  2.5  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.


Philippines Inflation Chart

Philippines Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: National Statistics Office.

Philippines Facts

Value Change Date
Bond Yield4.44-4.11 %Dec 27
Exchange Rate50.660.02 %Jan 01

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.


Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form