Latest reading: Inflation dipped to 1.1% in June, down from May’s 1.2% and representing the lowest inflation rate in over...
Inflation in Philippines
Consumer price inflation in Philippines averaged 3.4% in the ten years to 2024, in line with the ASEAN regional average of 3.0%. The 2024 average figure was 3.2%. For more information on inflation, visit our dedicated page.
Philippines Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Philippines from 2014 to 2024.
Source: Macrobond.
Philippines Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.4 | 2.4 | 3.9 | 5.8 | 6.0 |
| Inflation (CPI, ann. var. %, eop) | 2.4 | 3.3 | 3.1 | 8.1 | 3.9 |
| Inflation (PPI, ann. var. %, aop) | -2.3 | -4.6 | -1.8 | 6.5 | 1.4 |
Inflation increases in June
Latest reading: Inflation came in at 1.4% in June, up from May’s 1.3%. The uptick was driven by stronger price growth for housing and utilities and a softer fall in transport costs. That said, inflation remained below the floor of the Central Bank’s 2.0–4.0% target range as prices for food rose at the softest rate in over three years. The trend pointed down mildly, with annual average inflation coming in at 2.3% in June (May: 2.5%). Finally, consumer prices increased a seasonally adjusted 0.16% from the previous month in June, slowing down from the 0.18% increase seen in May.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Philippine inflation projections for the next ten years from a panel of 33 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Philippine inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Philippine inflation projections.
Want to get access to the full dataset of Philippine inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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Malaysia: Inflation drops to lowest level since February 2021 in June -
Japan: Inflation drops to lowest level since November 2024 in June Latest reading: Inflation came in at 3.3% in June, down from May’s 3.5%. June’s result represented the weakest inflation rate... -
New Zealand: Inflation ticks up in Q2 Latest reading: Inflation rose to 2.7% in Q2 2025 from 2.5% in Q1, slightly below market expectations and within the... -
Hong Kong: Inflation declines to lowest level since March in June Latest reading: Inflation came in at 1.5% in June, which was down from May’s 1.9%. June’s figure represented the weakest... -
Estonia: Harmonized inflation comes in at highest level since July 2023 in June Latest reading: Harmonized inflation spiked to 5.3% in June, which was up from May’s 4.6% and marked an almost two-year... -
Latvia: Harmonized inflation increases in June Latest reading: Harmonized inflation came in at 3.9% in June, which was up from May’s 3.7%. The uptick stemmed from... -
Lithuania: Harmonized inflation rises in June Latest reading: Harmonized inflation ticked up to 3.2% in June, following May’s 3.0%. The uptick was due to rising prices...