Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
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
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.4 | 3.9 | 5.8 | 6.0 | 3.2 |
| Inflation (CPI, ann. var. %, eop) | 3.3 | 3.1 | 8.1 | 3.9 | 2.9 |
| Inflation (PPI, ann. var. %, aop) | -4.6 | -1.8 | 6.5 | 1.4 | -0.7 |
Inflation hits five-month high in August
Latest reading: Inflation came in at 1.5% in August, up from July’s 0.9%. August's result marked the highest inflation rate since March. Prices for food returned to growth after having declined in July. Moreover, price pressures for hospitality and healthcare picked up from the prior month, and transport costs fell less than in July. Annual average inflation fell to 1.9% in August (July: 2.1%). Finally, consumer prices increased a seasonally adjusted 0.52% from the previous month in August, accelerating from the 0.05% rise recorded in July. August's result was the highest reading since December 2024.
Panelist insight: EIU analysts said: “We forecast that inflation will moderate [in 2025 from 2024], supported in part by lower global oil and commodity prices. The government's decision to suspend rice imports until end-October, which coincides with the harvest season, will help to stabilise domestic rice prices. Still, it will take some time for consumers' expectations for inflation to re-anchor after an extended period of high price growth, and the cost of living will remain a major issue.”
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.
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