The annual inflation rate in the Philippines edged up to 8.1% in December 2022 from 8.0% in November, compared with market consensus of 8.2% and within the central bank's target range of 7.4% to 8.6% for the month. The latest print was the highest since November 2008, bringing full-year average to 5.8%, outside the official target of 2 to 4%, with food prices rising the most since March 2009 (10.2% vs 10.0% in November). Additional upward pressures came from cost of housing (7.0% vs 6.9%), transport (11.7% vs 12.3%), alcoholic beverages (10.7% vs 10.6%), clothing (3.9% vs 3.6%), health (3.1% vs 2.8%), household maintenance (4.8% vs 4.5%), restaurant (7.0% vs 6.5%), recreation (3.9% vs 3.3%), and miscellaneous (4.5% vs 4.2%). Core inflation, which strips out foods and fuels, rose 6.9% yoy, the most since November 2008. On a monthly basis, consumer prices went up 0.3%, the least in 10 months, after a 0.9% gain in the prior 2 months which were the steepest paces since January 2009. source: Philippine Statistics Authority

Inflation Rate in Philippines averaged 8.10 percent from 1958 until 2022, 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. Philippines Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.

Inflation Rate in Philippines is expected to be 6.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Inflation Rate is projected to trend around 4.30 percent in 2024, according to our econometric models.

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Philippines Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-12-06 01:00 AM Nov 8% 7.7% 7.8% 7.8%
2023-01-05 01:00 AM Dec 8.1% 8% 8.2% 8.1%
2023-02-07 01:00 AM Jan 8.1% 7.9%


Related Last Previous Unit Reference
Inflation Rate 8.10 8.00 percent Dec 2022
Inflation Rate MoM 0.30 0.90 percent Dec 2022
Core Inflation Rate 6.90 6.50 percent Dec 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
8.10 8.00 62.80 -2.10 1958 - 2022 percent Monthly

News Stream
Philippines Inflation Rate Highest in 14 Years
The annual inflation rate in the Philippines edged up to 8.1% in December 2022 from 8.0% in November, compared with market consensus of 8.2% and within the central bank's target range of 7.4% to 8.6% for the month. The latest print was the highest since November 2008, bringing full-year average to 5.8%, outside the official target of 2 to 4%, with food prices rising the most since March 2009 (10.2% vs 10.0% in November). Additional upward pressures came from cost of housing (7.0% vs 6.9%), transport (11.7% vs 12.3%), alcoholic beverages (10.7% vs 10.6%), clothing (3.9% vs 3.6%), health (3.1% vs 2.8%), household maintenance (4.8% vs 4.5%), restaurant (7.0% vs 6.5%), recreation (3.9% vs 3.3%), and miscellaneous (4.5% vs 4.2%). Core inflation, which strips out foods and fuels, rose 6.9% yoy, the most since November 2008. On a monthly basis, consumer prices went up 0.3%, the least in 10 months, after a 0.9% gain in the prior 2 months which were the steepest paces since January 2009.
2023-01-05
Philippines Inflation Rate Rises to 14-Year High
The annual inflation rate in the Philippines rose to 8.0% in November 2022 from 7.7% in October, topping market forecasts of 7.8% but within the central bank's target of between 7.4% to 8.2% for the month. It was the highest print since November 2008, with food prices rising the most since March 2009 (10.0% vs 9.4% in October). Additional upward pressures also came from cost of housing (6.9% vs 7.4%), transport (12.3% vs 12.5%), alcoholic beverages (10.6% vs 10.4%), clothing (3.6% vs 3.1%), health (2.8% vs 2.6%), household maintenance (4.5% vs 3.8%), communication (0.7% vs 0.5%), restaurant (6.5% vs 5.7%), recreation (3.3% vs 3.0%), and miscellaneous (4.2% vs 3.7%). Core inflation, which strips out volatile food and fuel items, rose 6.5% yoy, the most since December 2008. On a monthly basis, consumer prices rose 0.9% yoy in November, the same pace in October, remaining at the steepest pace since January 2009 and exceeding forecasts of 0.7%.
2022-12-06
Philippines Inflation Rate Highest in Near 14 Years
The annual inflation rate in the Philippines climbed to 7.7% in October 2022 from 6.9% in August, topping market forecasts of 7.1%. It was the highest print since December 2008, being near the top end of the central bank's target of between 7.1% to 7.9% for the month, with food prices rising the most in 4 years (9.4% vs 7.4% in September). Additional upward pressures also came from cost of housing (7.4% vs 7.3%), transport (12.5% vs 14.5%), alcoholic beverages (10.4% vs 9.8%), clothing (3.1% vs 2.9%), health (2.6% vs 2.4%), household maintenance (3.8% 3.5%), communication (0.5% vs 0.5%), restaurant (5.7% vs 4.6%), recreation (3.0% vs 2.7%), and miscellaneous (3.7% vs 3.4%). Meantime, cost of financial services was flat for the 7th month. Core inflation, which strips out volatile food and fuel items, rose 5.9% yoy in October, the most since January 2009. On a monthly basis, consumer prices rose 0.9%, the most in 4 months, after a 0.4% gain in September, above consensus of 0.45%.
2022-11-04