The annual inflation rate in the Philippines fell to 2.8% in January 2024 from 3.9% in the prior month, coming less than market forecasts of 3.1%. It was the lowest reading since October 2020, as food prices rose the least in almost two years (3.9% vs 5.4% in December). Also, costs eased for alcoholic beverages & tobacco (8.4% vs 9.0%), clothing (3.8% vs 4.2%), housing, utilities (0.7% vs 1.5%), furnishing, household maintenance (3.9% vs 4.5%), health (3.3% vs 3.7%), communication (at 0.5%), recreation & culture (4.0% vs 4.2%), miscellaneous (4.0% vs 4.6%), and restaurants & accommodation (5.5% vs 5.6%). In addition, transport prices fell 0.3% after rising 0.4% previously. By contrast, inflation was unchanged for communication (at 0.5%0) while the cost of education quickened (3.8% vs 3.5%). Meantime, the core inflation rate, which excludes food and fuel, was down to 3.8% in January, the lowest rate since June 2022. Monthly, consumer prices rose 0.6% in December, the most in 4 months. source: Philippine Statistics Authority

Inflation Rate in Philippines decreased to 2.80 percent in January from 3.90 percent in December of 2023. Inflation Rate in Philippines averaged 8.06 percent from 1958 until 2024, 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 February of 2024.

Inflation Rate in Philippines decreased to 2.80 percent in January from 3.90 percent in December of 2023. Inflation Rate in Philippines is expected to be 3.20 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 3.40 percent in 2025, according to our econometric models.

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Philippines Inflation Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-05 01:00 AM
Inflation Rate YoY
Dec 3.9% 4.1% 4% 3.7%
2024-02-06 01:00 AM
Inflation Rate YoY
Jan 2.8% 3.9% 3.1% 3.3%
2024-03-05 01:00 AM
Inflation Rate YoY
Feb 2.8%


Related Last Previous Unit Reference
Inflation Rate 2.80 3.90 percent Jan 2024
Inflation Rate MoM 0.60 0.20 percent Jan 2024
Consumer Price Index CPI 124.80 124.10 points Jan 2024
Core Inflation Rate 3.80 4.40 percent Jan 2024
Core Consumer Prices 124.10 123.60 points Jan 2024
Food Inflation 3.50 5.40 percent Jan 2024

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
2.80 3.90 62.80 -2.10 1958 - 2024 percent Monthly

News Stream
Philippines Inflation Rate at Over 3-Year Low
The annual inflation rate in the Philippines fell to 2.8% in January 2024 from 3.9% in the prior month, coming less than market forecasts of 3.1%. It was the lowest reading since October 2020, as food prices rose the least in almost two years (3.9% vs 5.4% in December). Also, costs eased for alcoholic beverages & tobacco (8.4% vs 9.0%), clothing (3.8% vs 4.2%), housing, utilities (0.7% vs 1.5%), furnishing, household maintenance (3.9% vs 4.5%), health (3.3% vs 3.7%), communication (at 0.5%), recreation & culture (4.0% vs 4.2%), miscellaneous (4.0% vs 4.6%), and restaurants & accommodation (5.5% vs 5.6%). In addition, transport prices fell 0.3% after rising 0.4% previously. By contrast, inflation was unchanged for communication (at 0.5%0) while the cost of education quickened (3.8% vs 3.5%). Meantime, the core inflation rate, which excludes food and fuel, was down to 3.8% in January, the lowest rate since June 2022. Monthly, consumer prices rose 0.6% in December, the most in 4 months.
2024-02-06
Philippines Inflation Rate Drops to Near 2-Year Low
The annual inflation rate in the Philippines fell to 3.9% in December 2023 from 4.1% in the previous month, coming less than market forecasts of 4.1%. It was the lowest reading since February 2022, as food prices rose the least in 19 months (5.4% vs 5.7% in November). Also, costs moderated for clothing (4.2% vs 4.3%), housing, utilities (1.5% vs 2.5%), furnishing, household maintenance (4.5% vs 4.7%), health (3.7% vs 3.8%), communication (0.5% vs 0.6%), recreation & culture (4.2% vs 4.9%), and miscellaneous (4.6% vs 4.8%). Still, inflation was unchanged for alcoholic beverages & tobacco (at 9.0%), education (3.5%), and restaurants & accommodation (at 5.6%). Meanwhile, transport costs rose by 0.4%, reversing from a 0.8% fall in November. Looking further, the core inflation rate, which excludes food and fuel, was down to 4.4% in December, the lowest rate since July 2022, from the prior 4.7%. Month over month, consumer prices rose 0.2% in December, the same pace as in November.
2024-01-05
Philippines Inflation Rate at Over 1-½ Year Low
The annual inflation rate in the Philippines slowed to 4.1% in November 2023 from 4.9% in the previous month and coming less than market estimates of 4.3%. It was the lowest rate since March 2022, mainly due to lower inflation for food & non-alcoholic beverages (5.7% vs 7.0% in October), and the decline in prices for transport (-0.8% vs 1.0%). In addition, costs eased for the rest of sub-indexes, particularly restaurant & accommodation services (5.6% vs 6.3%), clothing & footwear (4.3% vs 4.8%), and furnishings, household equipment and maintenance (4.7% vs 5.3%). Meanwhile, the core inflation rate, which excludes food and fuel, decelerated to 4.7% from a prior 5.3%, marking the lowest rate since August 2022. On a monthly basis, the CPI grew 0.2%, reversing a 0.2% fall in October.
2023-12-05