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.