The Philippines' annual inflation rate came in at 6.7 percent in October of 2018, unchanged from the previous month but higher than market expectations of 6.5 percent. A faster rise in cost of housing and transport offset a slight slowdown in prices of food. The latest reading remained at its highest since February 2009. On a monthly basis, consumer prices went up 0.3 percent, after a 0.8 percent rise in September. Inflation Rate in Philippines averaged 8.40 percent from 1958 until 2018, 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.

Philippines Inflation Rate
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Philippines October Inflation Rate Steady at 9-1/2 Year High


The Philippines' annual inflation rate came in at 6.7 percent in October of 2018, unchanged from the previous month but higher than market expectations of 6.5 percent. A faster rise in cost of housing and transport offset a slight slowdown in prices of food.

The latest reading remained at its highest since February 2009.

Year-on-year, prices increased faster for both housing, water, electricity, gas and other fuels (4.8 percent from 4.6 percent in September) and transport (8.8 percent from 8 percent) while cost of heavily-weighted food and non-alcoholic beverages slowed (9.4 percent from 9.7 percent), namely meat (7.5 percent), fruits (4.3 percent) and vegetables (15.8 percent).

Additionally, upward prices pressure came from: alcoholic beverages and tobacco (21.6 percent from 21.8 percent in September); clothing and footwear (2.5 percent, the same pace as in the previous month); furnishings, household equipment and routine maintenance (3.7 percent from 3.5 percent); health (4.3 percent from 4.1 percent); communication (0.5 percent, the same pace as in September); recreation and culture (3.1 percent from 3 percent); restaurant and miscellaneous goods & services (4.2 percent from 4 percent). Meanwhile, cost continued to fall for education (-3.8 percent, the same pace as in the prior month).

On a monthly basis, consumer prices went up 0.3 percent, after a 0.8 percent rise in September. Prices went up at a slower pace for: food & non-alcoholic beverages (0.1 percent vs 1.8 percent); transport (0.8 percent vs 0.9 percent); clothing & footwear (0.1 percent vs 0.3 percent) and restaurant and miscellaneous goods & services (0.2 percent vs 0.4 percent). Meantime, inflation was steady for housing & utilities (0.4 percent) and furnishing, household equipment and routine maintenance of the house (0.3 percent). Also, prices were unchanged for communication, recreation & culture and education.

In March 2018, Philippine Statistics Authority decided to rebase CPI series to 2012 from 2006 in order to accommodate the economic changes in the country.

The central bank set an inflation target range of between 2 to 4 percent from 2018 to 2020.
 
 
 


Philippine Statistics Authority l Chusnul Ch Manan | chusnul@tradingeconomics.com
11/6/2018 11:52:11 AM


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Calendar GMT Actual Previous Consensus TEForecast
2018-09-05 02:00 AM Inflation Rate YoY 6.4% 5.7% 5.9% 5.9%
2018-10-05 01:00 AM Inflation Rate YoY 6.7% 6.4% 6.8% 6.1%
2018-11-06 01:00 AM Inflation Rate YoY 6.7% 6.7% 6.5% 6.3%
2018-12-05 01:00 AM Inflation Rate YoY 6.7% 5.7%


Philippines Prices Last Previous Highest Lowest Unit
Inflation Rate 6.70 6.70 62.80 -2.10 percent [+]
Inflation Rate Mom 0.30 0.80 9.00 -4.80 percent [+]
Consumer Price Index CPI 119.80 119.50 119.80 1.00 Index Points [+]
Core Consumer Prices 117.00 116.60 117.00 59.24 Index Points [+]
Core Inflation Rate 4.90 4.70 7.25 1.40 percent [+]
GDP Deflator 190.10 184.00 190.70 12.87 Index Points [+]
Producer Prices 132.10 131.60 180.70 81.10 Index Points [+]
Producer Prices Change -0.20 -0.80 17.50 -10.00 percent [+]
Food Inflation 9.40 9.70 17.30 -0.80 percent [+]
Import Prices 114.15 117.52 138.30 11.46 Price Index [+]
Export Prices 91.59 92.52 133.52 8.57 Price Index [+]
CPI Housing Utilities 112.30 111.90 112.30 97.90 Index Points [+]
CPI Transportation 108.10 107.20 108.10 91.90 Index Points [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6.70 6.70 62.80 -2.10 1958 - 2018 percent Monthly




Country Last
Argentina 45.50 Oct/18
Australia 1.90 Sep/18
Brazil 4.56 Oct/18
Canada 2.20 Sep/18
China 2.50 Oct/18
Euro Area 2.20 Oct/18
France 2.20 Oct/18
Germany 2.50 Oct/18
India 3.31 Oct/18
Indonesia 3.16 Oct/18
Italy 1.60 Oct/18
Japan 1.20 Sep/18
Mexico 4.90 Oct/18
Netherlands 2.10 Oct/18
Russia 3.50 Oct/18
Saudi Arabia 2.10 Sep/18
Singapore 0.70 Sep/18
South Africa 4.90 Sep/18
South Korea 2.00 Oct/18
Spain 2.30 Oct/18
Switzerland 1.10 Oct/18
Turkey 25.24 Oct/18
United Kingdom 2.40 Oct/18
United States 2.50 Oct/18


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