The Philippines' annual inflation rate eased to a 10-month low of 4.4 percent in January of 2019 from 5.1 percent in the previous month. The latest reading was slightly below market estimates of 4.5 percent, amid a marked slowdown in cost of food and transport. On a monthly basis, consumer prices rose by 0.1 percent in January, after a 0.4 percent fall in December 2018. It marked the first monthly increase in three months. Inflation Rate in Philippines averaged 8.39 percent from 1958 until 2019, 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.

Inflation Rate in Philippines is expected to be 4.00 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 3.70 in 12 months time. In the long-term, the Philippines Inflation Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.

Philippines Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-06 01:00 AM Inflation Rate YoY 6.7% 6.7% 6.5% 6.3%
2018-12-05 01:00 AM Inflation Rate YoY 6% 6.7% 6.2% 5.7%
2019-01-04 01:00 AM Inflation Rate YoY 5.1% 6% 5.6% 5.2%
2019-02-05 01:00 AM Inflation Rate YoY 4.4% 5.1% 4.5% 4.7%
2019-03-05 01:00 AM Inflation Rate YoY 4.4%
2019-04-05 01:00 AM Inflation Rate YoY 4%
2019-05-07 01:00 AM Inflation Rate YoY



Philippines Inflation Rate Slows to 10-Month Low of 4.4%

The Philippines' annual inflation rate eased to a 10-month low of 4.4 percent in January of 2019 from 5.1 percent in the previous month. The latest reading was slightly below market estimates of 4.5 percent, amid a marked slowdown in cost of food and transport.

Year-on-year, prices of food and non-alcoholic beverages increased by 5.6 percent in January 2019, noticeably slower than a 6.7 percent rise in December 2018 and marking the lowest food inflation since February. In addition, cost rose at a softer rate for: alcoholic beverages and tobacco (16.1 percent vs 21.7 percent in December); clothing and footwear (2.5 percent vs 2.8 percent); housing, water, electricity, gas and other fuels (4 percent vs 4.1 percent); health (4.3 percent vs 4.8 percent). Also, cost of transport went up 2.5 percent, much less than a 4 percent rise in a month earlier. In addition, cost of education continued to fall (-3.8 percent, the same as in December). On the other hand, inflation was steady for: communication (at 0.4 percent); recreation and culture (at 3.2 percent); and restaurants and miscellaneous goods and services (at 4.3 percent); while cost of furnishing, household equipment and routine maintenance rose slightly faster (3.9 percent vs 3.8 percent). 

On a monthly basis, consumer prices rose by 0.1 percent in January, after a 0.4 percent fall in December 2018. It marked the first monthly increase in three months, as cost went up for: alcoholic beverages and tobacco (0.2 percent); clothing and footwear (0.1 percent); housing, water, electricity, gas and other fuels (0.2 percent); furnishing, household equipment and routine maintenance (0.3 percent); health (0.2 percent); recreation and culture (0.2 percent); and restaurants and miscellaneous goods and services (0.3 percent), while was flat for: food and non-alcoholic beverages; and education. In contrast, cost of transport dropped 0.7 percent.

The central bank set an inflation target range of between 2 to 4 percent from 2018 to 2020.


PSA l Rida Husna | rida@tradingeconomics.com
2/5/2019 7:35:26 AM



Philippines Prices Last Previous Highest Lowest Unit
Inflation Rate 4.40 5.10 62.80 -2.10 percent [+]
Inflation Rate Mom 0.10 -0.40 9.00 -4.80 percent [+]
Consumer Price Index CPI 119.10 118.90 119.80 1.00 Index Points [+]
Core Consumer Prices 117.50 117.30 117.50 59.24 Index Points [+]
Core Inflation Rate 4.40 4.70 7.25 1.40 percent [+]
GDP Deflator 199.00 190.10 199.00 12.87 Index Points [+]
Producer Prices 132.90 133.20 180.70 81.10 Index Points [+]
Producer Prices Change 0.80 0.80 17.50 -10.00 percent [+]
Food Inflation 5.60 6.70 17.30 -0.80 percent [+]
Import Prices 119.32 114.15 138.30 11.46 Price Index [+]
Export Prices 107.55 91.59 133.52 8.57 Price Index [+]
CPI Housing Utilities 111.90 111.90 112.30 97.90 Index Points [+]
CPI Transportation 103.90 104.60 108.80 91.90 Index Points [+]


Philippines Inflation Rate

In Philippines, the most important categories in the Consumer Price Index are: food and non-alcoholic beverages (39 percent of total weight); housing, water, electricity, gas and other fuels (22 percent) and transport (8 percent). The index also includes health (3 percent), education (3 percent), clothing and footwear (3 percent), communication (2 percent) and recreation and culture (2 percent). Alcoholic beverages, tobacco, furnishing, household equipment, restaurants and other goods and services account for the remaining 15 percent. 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. Philippines Inflation Rate - actual data, historical chart and calendar of releases - was last updated on February of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
4.40 5.10 62.80 -2.10 1958 - 2019 percent Monthly




Country Last Previous
Argentina 48.90 Jan/19
Australia 1.80 Dec/18
Brazil 3.78 Jan/19
Canada 2.00 Dec/18
China 1.70 Jan/19
Euro Area 1.40 Jan/19
France 1.20 Jan/19
Germany 1.40 Jan/19
India 2.05 Jan/19
Indonesia 2.82 Jan/19
Italy 0.90 Jan/19
Japan 0.30 Dec/18
Mexico 4.37 Jan/19
Netherlands 2.20 Jan/19
Russia 5.00 Jan/19
Saudi Arabia 2.20 Dec/18
Singapore 0.50 Dec/18
South Africa 4.50 Dec/18
South Korea 0.80 Jan/19
Spain 1.00 Jan/19
Switzerland 0.60 Jan/19
Turkey 20.35 Jan/19
United Kingdom 1.80 Jan/19
United States 1.60 Jan/19


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