The annual inflation rate in the Philippines dropped to 6.1% in May 2023 from 6.6% in the previous month, less than market forecasts of 6.2%. It was the lowest reading since last June, with food prices increasing the least in eight months (7.4% vs 7.9% in April). Meanwhile, cost eased for both alcoholic beverages & tobacco (12.3% vs 12.7%) and restaurants & accommodation (8.3% vs 8.6%), while that of transport fell (-0.5% vs 2.6%). In contrast, inflation was unchanged for clothing (at 5.1%), housing (at 6.5%), communication (at 0.7%), health (at 4.1%), education (at 3.6%), and miscellaneous goods and services (at 5.7%). At the same time, cost accelerated for both furnishing & housing maintenance (6.2% vs 6.1%) and recreation & culture (4.9% vs 4.7%). Core consumer prices, excluding foods and fuels, grew by 7.7% yoy, the least in four months. On a monthly basis, consumer prices unexpectedly were flat, compared with consensus of a 0.1% rise, and after a 0.2% drop in April. source: Philippine Statistics Authority

Inflation Rate in Philippines averaged 8.10 percent from 1958 until 2023, 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 June of 2023.

Inflation Rate in Philippines is expected to be 5.90 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 3.10 percent in 2024 and 3.20 percent in 2025, according to our econometric models.

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Philippines Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-05-05 01:00 AM Apr 6.6% 7.6% 7% 6.9%
2023-06-06 01:00 AM May 6.1% 6.6% 6.2% 6.3%
2023-07-05 01:00 AM Jun 6.1% 5.9%


Related Last Previous Unit Reference
Inflation Rate 6.10 6.60 percent May 2023
Inflation Rate MoM 0.00 -0.20 percent May 2023
Core Inflation Rate 7.70 7.90 percent May 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
6.10 6.60 62.80 -2.10 1958 - 2023 percent Monthly

News Stream
Philippines Inflation Rate Falls to 11-Month Low
The annual inflation rate in the Philippines dropped to 6.1% in May 2023 from 6.6% in the previous month, less than market forecasts of 6.2%. It was the lowest reading since last June, with food prices increasing the least in eight months (7.4% vs 7.9% in April). Meanwhile, cost eased for both alcoholic beverages & tobacco (12.3% vs 12.7%) and restaurants & accommodation (8.3% vs 8.6%), while that of transport fell (-0.5% vs 2.6%). In contrast, inflation was unchanged for clothing (at 5.1%), housing (at 6.5%), communication (at 0.7%), health (at 4.1%), education (at 3.6%), and miscellaneous goods and services (at 5.7%). At the same time, cost accelerated for both furnishing & housing maintenance (6.2% vs 6.1%) and recreation & culture (4.9% vs 4.7%). Core consumer prices, excluding foods and fuels, grew by 7.7% yoy, the least in four months. On a monthly basis, consumer prices unexpectedly were flat, compared with consensus of a 0.1% rise, and after a 0.2% drop in April.
2023-06-06
Philippines Inflation Rate at 8-Month Low of 6.6%
The annual inflation rate in the Philippines dropped to 6.6% in April 2023 from 7.6% in the previous month, below market forecasts of 7.0%. It was the lowest reading since last August, with food prices increasing the least in seven months (7.9% vs 9.3% in March). Meanwhile, inflation was unchanged for both communication (at 0.7%) and education (at 3.6%). In contrast, cost accelerated for clothing & footwear (5.1% vs 5.0%), restaurants & accommodation services (8.6% vs 8.3%), recreation & culture (4.7% vs 4.6%), health (4.1% vs 3.9%), and personal care & miscellaneous goods (5.7% vs 5.6%). Core consumer prices, excluding foods and fuels, grew by 7.9% yoy following a record-breaking 8% hike in March. On a monthly basis, consumer prices unexpectedly fell 0.2% in April, the same pace as in the previous period and missing the consensus of a 0.2% gain.
2023-05-05
Philippines Inflation Rate Slows to 6-Month Low
The annual inflation rate in the Philippines fell to 7.6% in March 2023 from 8.6% in the previous month, below market forecasts of 8.0%. This was the lowest reading since last September, with prices of food increasing the least in six months (9.3% vs 10.8% in February). Also, cost eased for transport (5.3% vs 9%), housing & utilities (7.6% vs 8.6%), health (3.9% vs 4.0%), and communication (0.7% vs 0.8%). Meantime, inflation was unchanged for both furnishings, household maintenance (at 6.2%), and education (at 3.6%), while cost accelerated for clothing & footwear (5.0% vs 4.8%), restaurants & accommodation services (8.3% vs 8.1%), recreation & culture (4.6% vs 4.4%), and personal care & miscellaneous goods (5.6% vs 5.3%). Core consumer prices, excluding foods and fuels, increased by 8.0% yoy, the most on record, after a 7.8% gain in February. On a monthly basis, consumer prices unexpectedly fell 0.2%, marking the first decline since April 2021 and missing consensus of a 0.1% gain.
2023-04-05