The Philippines' annual inflation rate rose to 3.2 percent in May of 2019 from a 16 month-low of 3.0 percent in the previous month and above market expectations of 2.9 percent. It was the first time that inflation accelerated since last September, as both cost of food and housing & utilities increased faster. On a monthly basis, consumer prices rose by 0.3 percent in May, after a 0.2 percent gain in the previous month and marking the fifth straight month of rise. Inflation Rate in Philippines averaged 8.36 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 2.60 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 3.90 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
2019-03-05 01:00 AM Inflation Rate YoY 3.8% 4.4% 4% 4.2%
2019-04-05 01:00 AM Inflation Rate YoY 3.3% 3.8% 3.5% 3.4%
2019-05-07 01:00 AM Inflation Rate YoY 3.0% 3.3% 3% 3.1%
2019-06-05 01:00 AM Inflation Rate YoY 3.2% 3.0% 2.9% 3%
2019-07-05 01:00 AM Inflation Rate YoY 3.2% 2.9% 2.6%
2019-08-06 01:00 AM Inflation Rate YoY 2.8%
2019-09-05 02:00 AM Inflation Rate YoY 3%



Philippines May Inflation Rate Edges Up to 3.2%

The Philippines' annual inflation rate rose to 3.2 percent in May of 2019 from a 16 month-low of 3.0 percent in the previous month and above market expectations of 2.9 percent. It was the first time that inflation accelerated since last September, as both cost of food and housing & utilities increased faster.

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

Year-on-year, prices of food and non-alcoholic beverages increased by 3.4 percent in May, accelerating from a 3.0 percent rise in April. This was mainly attributable to higher annual rises in cost of other cereals, flours, cereal preparation, bread, pasta and other bakery products (3.7 percent); fish (4.2 percent); fruits (4.6 percent); vegetables (12.5 percent); and unclassified food products (6.8 percent). Likewise, cost of housing, water, electricity, gas and other fuels advanced faster (3.3 percent vs 3.2 percent), while inflation was steady for: clothing and footwear (at 2.4 percent); health (at 3.6 percent); furnishing, household equipment and routine maintenance (at 3.2 percent); communication (at 0.4 percent); and recreation and culture (at 3.1 percent). 

On the other hand, prices slowed for alcoholic beverages and tobacco (9.5 percent vs 9.9 percent); transport (3.5 percent vs 3.8 percent); and restaurants & miscellaneous goods and services (3.3 percent vs 3.5 percent). At the same time, cost of education continued to decline (-3.8 percent, the same as in April). 

On a monthly basis, consumer prices rose by 0.3 percent in May, after a 0.2 percent gain in the previous month and marking the fifth straight month of rise. Prices went up for: food and non-alcoholic beverages (0.4 percent); alcoholic beverages and tobacco (0.8 percent); clothing and footwear (0.2 percent); housing, water, electricity, gas and other fuels (0.3 percent); furnishing, household equipment and routine maintenance (0.3 percent);  transport (0.7 percent); recreation and culture (0.3 percent); and restaurants & miscellaneous goods and services (0.2 percent). Meantime, cost of health was flat, while that of education fell further (-0.4 percent vs -0.3 percent).


PSA l Rida Husna | rida@tradingeconomics.com
6/5/2019 11:38:09 AM



Philippines Prices Last Previous Highest Lowest Unit
Inflation Rate 3.20 3.00 62.80 -2.10 percent [+]
Inflation Rate Mom 0.30 0.20 9.00 -4.80 percent [+]
Consumer Price Index CPI 119.80 119.60 119.90 1.00 Index Points [+]
Core Consumer Prices 118.70 118.50 118.70 59.24 Index Points [+]
Core Inflation Rate 3.50 3.40 7.25 1.40 percent [+]
GDP Deflator 186.39 198.26 198.26 12.87 Index Points [+]
Producer Prices 138.68 139.18 180.70 81.10 Index Points [+]
Producer Prices Change 3.80 4.50 17.50 -10.00 percent [+]
Food Inflation 3.40 3.00 17.30 -0.80 percent [+]
Import Prices 119.16 119.32 138.30 11.46 Price Index [+]
Export Prices 101.91 107.55 133.52 8.57 Price Index [+]
CPI Housing Utilities 113.60 113.70 113.70 97.90 Index Points [+]
CPI Transportation 108.00 107.20 108.80 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 June of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.20 3.00 62.80 -2.10 1958 - 2019 percent Monthly




Country Last Previous
Argentina 57.30 May/19
Australia 1.30 Mar/19
Brazil 4.66 May/19
Canada 2.40 May/19
China 2.70 May/19
Euro Area 1.20 May/19
France 0.90 May/19
Germany 1.40 May/19
India 3.05 May/19
Indonesia 3.32 May/19
Italy 0.80 May/19
Japan 0.70 May/19
Mexico 4.28 May/19
Netherlands 2.40 May/19
Russia 5.10 May/19
Saudi Arabia -1.50 May/19
Singapore 0.90 May/19
South Africa 4.50 May/19
South Korea 0.70 May/19
Spain 0.80 May/19
Switzerland 0.60 May/19
Turkey 18.71 May/19
United Kingdom 2.00 May/19
United States 1.80 May/19


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