Philippines Inflation July 2022


Philippines: Inflation comes in at highest level since October 2018 in July

August 5, 2022

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.


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Philippines Inflation Chart

Philippines Inflation July 2022 2

Note: Annual and monthly variation of consumer price index in %.
Source: Central Bank of the Philippines (BSP) and FocusEconomics calculations.

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