The Philippines' annual inflation rate fell to a 4-month low of 6.0 percent in November of 2018 from a 9-1/2-year high of 6.7 percent in the previous two months. The latest figure was below market consensus of 6.2 percent, mainly driven by a marked slowdown in cost of food and housing. On a monthly basis, consumer prices fell 0.2 percent, after a 0.3 percent rise in October and reaching the first monthly decline since May 2017. 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.

Inflation Rate in Philippines is expected to be 5.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Philippines to stand at 3.90 in 12 months time. In the long-term, the Philippines Inflation Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.

Philippines Inflation Rate
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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% 6.7% 6.2% 5.7%
2019-01-05 01:00 AM Inflation Rate YoY 6% 5.30%
2019-02-06 01:00 AM Inflation Rate YoY
2019-03-06 01:00 AM Inflation Rate YoY



Philippines Inflation Rate Slows to 4-Month Low of 6.0%


The Philippines' annual inflation rate fell to a 4-month low of 6.0 percent in November of 2018 from a 9-1/2-year high of 6.7 percent in the previous two months. The latest figure was below market consensus of 6.2 percent, mainly driven by a marked slowdown in cost of food and housing.

Year-on-year, prices of food and non-alcoholic beverages increased by 8 percent, easing from a 9.4 percent rise in October and marking the lowest food inflation since July. In addition, cost slowed for housing, water, electricity, gas and other fuels (4.2 percent from 4.8 percent in October); and communication (0.4 percent vs 0.5 percent). Also, cost of education continued to fall (-3.8 percent, the same as in October). On the other hand, prices increased faster for alcoholic beverages and tobacco (21.8 percent vs 21.6 percent); clothing and footwear (2.7 percent vs 2.5 percent); furnishing, household equipment and routine maintenance (4 percent vs 3.7 percent); health (4.5 percent vs 4.3 percent); recreation and culture (3.2 percent vs 3.1 percent); and restaurants and miscellaneous goods and services (4.5 percent vs 4.2 percent). Additionally, inflation was steady for transport (at 8.9 percent, the same as in October).

On a monthly basis, consumer prices fell 0.2 percent, after a 0.3 percent rise in October and reaching the first monthly decline since May 2017. Cost decreased for food and non-alcoholic beverages (-0.7 percent from 0.1 percent) and housing and utilites (-0.1 percent from 0.4 percent). Also, cost of transport eased (0.6 percent from 0.9 percent). Meanwhile, prices advanced further for alcoholic beverages and tobacco (0.5 percent from 0.4 percent); clothing and footwear (0.3 percent from 0.1 percent); education (0.1 percent from a flat reading) and restaurants and miscellaneous goods and services (0.5 percent from 0.2 percent). Additionally, inflation was steady furnishing, household equipment and routine maintenance (at 0.3 percent, the same as in October); health (at 0.3 percent) and recreation and culture (at 0.1 percent).

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



PSA l Rida | rida@tradingeconomics.com
12/5/2018 11:51:00 AM



Philippines Prices Last Previous Highest Lowest Unit
Inflation Rate 6.00 6.70 62.80 -2.10 percent [+]
Inflation Rate Mom -0.20 0.30 9.00 -4.80 percent [+]
Consumer Price Index CPI 119.60 119.80 119.80 1.00 Index Points [+]
Core Consumer Prices 117.50 117.00 117.50 59.24 Index Points [+]
Core Inflation Rate 5.10 4.90 7.25 1.40 percent [+]
GDP Deflator 190.10 184.00 190.70 12.87 Index Points [+]
Producer Prices 132.40 132.70 180.70 81.10 Index Points [+]
Producer Prices Change -0.60 0.20 17.50 -10.00 percent [+]
Food Inflation 8.00 9.40 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 112.20 112.30 112.30 97.90 Index Points [+]
CPI Transportation 108.80 108.10 108.80 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 December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6.00 6.70 62.80 -2.10 1958 - 2018 percent Monthly




Country Last Previous
Argentina 45.50 Oct/18
Australia 1.90 Sep/18
Brazil 4.05 Nov/18
Canada 2.40 Oct/18
China 2.20 Nov/18
Euro Area 2.00 Nov/18
France 1.90 Nov/18
Germany 2.30 Nov/18
India 3.31 Oct/18
Indonesia 3.23 Nov/18
Italy 1.70 Nov/18
Japan 1.40 Oct/18
Mexico 4.72 Nov/18
Netherlands 2.00 Nov/18
Russia 3.80 Nov/18
Saudi Arabia 2.40 Oct/18
Singapore 0.70 Oct/18
South Africa 5.10 Oct/18
South Korea 2.00 Nov/18
Spain 1.70 Nov/18
Switzerland 0.90 Nov/18
Turkey 21.62 Nov/18
United Kingdom 2.40 Oct/18
United States 2.50 Oct/18


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