The annual inflation rate in the Philippines rose to 2.9 percent in January 2020 from 2.5 percent in the previous month and above market expectations of 2.8 percent. It was the highest inflation rate since May last year, as prices advanced further for food & non-alcoholic beverages (2.2% vs 1.7% in December), reflecting disruptions caused by the Taal volcano eruption and lingering effects of typhoons on crops; housing & utilities (2.5% vs 1.9%); transport (3% vs 2.2%) and alcoholic beverages & tobacco (19.2% vs 18.4%), after the implementation on January 1st of an excise tax hike on alcohol, tobacco and fuels. Meanwhile, cost of restaurants and miscellaneous goods & services slowed (2.6% vs 2.7%). Also, inflation was steady for furnishing & routine maintenance (at 3.1%); health (at 2.9%); and communication (at 0.4%). On a monthly basis, consumer prices rose 0.6 percent, after a 0.7 percent gain in December.
Inflation Rate in Philippines averaged 8.29 percent from 1958 until 2020, reaching an all time high of 62.80 percent in September of 1984 and a record low of -2.10 percent in January of 1959. This page provides the latest reported value for - Philippines Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Philippine Statistics Authority
Inflation Rate in Philippines is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Philippines to stand at 3.50 in 12 months time. In the long-term, the Philippines Inflation Rate is projected to trend around 3.50 percent in 2021 and 3.30 percent in 2022, according to our econometric models.