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.