The Philippines' annual inflation rate fell to 0.9 percent in September 2019 from 1.7 percent in the previous month and below market expectations of 1.1 percent. It was the lowest inflation since May of 2016, as both prices of food and transport cost fell while housing inflation slowed. Inflation Rate in Philippines averaged 8.33 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 3.00 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 4.00 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
2019-07-05 01:00 AM Inflation Rate YoY Jun 2.7% 3.2% 2.9% 3.1%
2019-08-06 01:00 AM Inflation Rate YoY Jul 2.4% 2.7% 2.4% 2.8%
2019-09-05 01:00 AM Inflation Rate YoY Aug 1.7% 2.4% 1.8% 2.5%
2019-10-04 01:00 AM Inflation Rate YoY Sep 0.9% 1.7% 1.1% 2%
2019-11-05 01:00 AM Inflation Rate YoY Oct 0.9% 1.0%
2019-12-05 01:00 AM Inflation Rate YoY Nov 1.5%



Philippines Inflation Rate at Over 3-Year Low

The Philippines' annual inflation rate fell to 0.9 percent in September 2019 from 1.7 percent in the previous month and below market expectations of 1.1 percent. It was the lowest inflation since May of 2016, as both prices of food and transport cost fell while housing inflation slowed.

Year-on-year, prices of food and non-alcoholic beverages dropped 0.9 percent in September, compared to a 0.6 percent gain in August. Rice prices posted its largest fall so far this year (-8.9 percent), due to a supply surge after volume limits for imported rice were removed with the Rice Tariffication Law that was enacted last February. Prices also fell for bread and cereals (-6 percent), corn (-4.1 percent), sugar, jam, honey (-4.1 percent), and vegetables (-4.7 percent). Conversely, cost rose further for food products, N.E.C (6.3 percent); meat (2.4 percent); other cereals, flours, cereal preparation, bread, pasta and other bakery products (3 percent); fish (1.4 percent); meat (2.4 percent); and oils & fats (1.2 percent).

Also, inflation eased for housing, water, electricity, gas and other fuels (0.8 percent vs 1.8 percent); recreation and culture (1.4 percent vs 1.8 percent), communication (0.2 percent vs 0.3 percent), and restaurant and miscellaneous goods and services (3 percent vs 3.2 percent) In addition, transport prices fell further (-0.9 percent vs 0.2 percent). On the other hand, inflation was unchanged for furnishing, household equipment and routine maintenance (at 2.9 percent), health (at 3.1 percent), and education (at 4.6 percent); while cost rose faster for alcoholic beverages and tobacco (14.3 percent vs 10.1 percent).

On a monthly basis, consumer prices rose by 0.2 percent in September, the same as in August. Prices increased for food and non-alcoholic beverages (0.2 percent), alcoholic beverages and tobacco (4.2 percent), clothing and footwear (0.2 percent), furnishing, household equipment and routine maintenance (2.5 percent), health (0.2 percent), transport (1.9 percent), and restaurant and miscellaneous goods and services (1.7 percent). Meantime, cost was flat for communication, recreation & culture, and education. 


Agna Gabriel | agna.gabriel@tradingeconomics.com
10/4/2019 8:23:46 AM



Philippines Prices Last Previous Highest Lowest Unit
Inflation Rate 0.90 1.70 62.80 -2.10 percent [+]
Inflation Rate Mom 0.20 0.20 8.80 -4.50 percent [+]
Consumer Price Index CPI 120.60 120.40 120.60 1.00 Index Points [+]
Core Consumer Prices 119.80 119.50 119.80 59.24 Index Points [+]
Core Inflation Rate 2.70 2.90 7.25 1.40 percent [+]
GDP Deflator 186.30 186.39 198.26 12.87 Index Points [+]
Producer Prices 136.10 134.70 180.70 81.10 Index Points [+]
Producer Prices Change 1.60 0.70 17.50 -10.00 percent [+]
Food Inflation -0.90 0.60 17.30 -0.90 percent [+]
Import Prices 116.44 119.16 138.30 11.46 Price Index [+]
Export Prices 91.45 101.91 133.52 8.57 Price Index [+]
CPI Housing Utilities 112.80 113.40 113.70 97.90 Index Points [+]
CPI Transportation 106.20 106.00 108.80 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 October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.90 1.70 62.80 -2.10 1958 - 2019 percent Monthly




Country Last Previous
Argentina 53.50 Sep/19
Australia 1.60 Jun/19
Brazil 2.89 Sep/19
Canada 1.90 Sep/19
China 3.00 Sep/19
Euro Area 0.80 Sep/19
France 0.90 Sep/19
Germany 1.20 Sep/19
India 3.99 Sep/19
Indonesia 3.39 Sep/19
Italy 0.30 Sep/19
Japan 0.20 Sep/19
Mexico 3.00 Sep/19
Netherlands 2.60 Sep/19
Russia 4.00 Sep/19
Saudi Arabia -1.10 Aug/19
Singapore 0.50 Aug/19
South Africa 4.30 Aug/19
South Korea -0.40 Sep/19
Spain 0.10 Sep/19
Switzerland 0.10 Sep/19
Turkey 9.26 Sep/19
United Kingdom 1.70 Sep/19
United States 1.70 Sep/19


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