Inflation in Philippines
Philippines - Inflation (end of period)
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 (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||0.7||2.2||2.9||5.1||2.5|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Inflation (eop) Chart
Source: National Statistics Office.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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August 18, 2022
At its regular meeting on 18 August, the Bangko Sentral ng Pilipinas (BSP) raised the overnight reverse repurchase facility rate by 50 basis points to 3.75%.
August 9, 2022
GDP growth waned to 7.4% year on year in the second quarter, from 8.2% in the first.
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.
August 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 50.8 in July from June's 53.8.
July 14, 2022
Remittances came in at USD 2.4 billion in May, representing a 1.8% year-on-year rise.