Latest reading: Inflation came in at 35.4% in May, which was down from April’s 37.9%. May’s figure marked the lowest...
Inflation in Philippines
In the year 2024, the inflation in Philippines was 3.21%, compared to 3.60% in 2014 and 5.98% in 2023. It averaged 3.39% over the last decade. For more inflation information, 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 falls to over five-year low in April
Latest reading: Inflation came in at 1.4% in April, down from March’s 1.8%. April's figure represented the lowest inflation rate since November 2019. The result was largely due to softer growth in prices for food and non-alcoholic beverages. In addition, prices for transport dropped at a quicker pace compared to the prior month. The trend pointed down slightly, with annual average inflation coming in at 2.7% in April (March: 2.9%). Finally, consumer prices dropped a seasonally adjusted 0.08% in April over the previous month, swinging from March's 0.06% rise. April's result marked the sharpest fall in prices since January.
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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Turkey: Inflation declines to lowest level since November 2021 in May -
Euro Area: Harmonized inflation drops to lowest level since September 2024 in May Latest reading: Harmonized inflation fell to 1.9% in May, slightly below April’s 2.2% and the ECB’s 2.0% target. May’s result... -
Kazakhstan: Inflation rises to a near two-year high in May Latest reading: Inflation climbed to 11.3% in May from April’s 10.7%, marking the highest rate since September 2023. The reading... -
Kenya: Inflation eases and remains below midpoint of target range in May Latest reading: Inflation eased to 3.8% in May from April’s eight-month high of 4.1%. As a result, the reading remained... -
Australia: Inflation remains steady and within target in April Latest reading: Inflation was stable at 2.4% for the third consecutive month in April, slightly above market estimates but remaining... -
Kuwait: Inflation drops to lowest level since September 2020 in April Latest reading: Inflation came in at 2.3% in April, down from March’s 2.4%. April’s reading marked the lowest inflation rate... -
Singapore: Inflation remains at March’s level in April Latest reading: Inflation came in at 0.9% in April, matching March’s reading. April’s figure represented the join-weakest inflation rate since...