The Philippines' annual inflation rate fell to a 7-month low of 5.1 percent in December of 2018 from 6.0 percent in the previous month and well below market consensus of 5.6 percent. On a monthly basis, consumer prices dropped 0.4 percent, after a 0.2 percent fall in November. Inflation Rate in Philippines averaged 8.39 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 5.20 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 3.70 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
2018-10-05 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%
2019-01-04 01:00 AM Inflation Rate YoY 5.1% 6% 5.6% 5.2%
2019-02-06 01:00 AM Inflation Rate YoY 5.1%
2019-03-05 01:00 AM Inflation Rate YoY
2019-04-05 01:00 AM Inflation Rate YoY 5.2%



Philippines Inflation Rate Slows to 7-Month Low of 5.1%

The Philippines' annual inflation rate fell to a 7-month low of 5.1 percent in December of 2018 from 6.0 percent in the previous month. The latest figure was well below market consensus of 5.6 percent, mainly driven by a marked slowdown in cost of food and transport.

Year-on-year, prices of food and non-alcoholic beverages increased by 6.7 percent, much slower than a 8 percent rise in November and marking the lowest food inflation since June. In addition, cost rose less for: alcoholic beverages and tobacco (21.7 percent vs 21.8 percent in November); housing, water, electricity, gas and other fuels (4.1 percent vs 4.2 percent); furnishing, household equipment and routine maintenance (3.8 percent vs 4.0 percent); transport (4.0 percent vs 8.9 percent); and restaurants and miscellaneous goods and services (4.3 percent vs 4.5 percent). At the same time, cost of education continued to fall (-3.8 percent, the same as in November). On the other hand, inflation was steady for: communication (at 0.4 percent); and recreation and culture (at 3.2 percent), while prices increased faster for: clothing and footwear (2.8 percent vs 2.7 percent); and health (4.8 percent vs 4.5 percent).

On a monthly basis, consumer prices dropped 0.4 percent, after a 0.2 percent fall in November. Cost decreased for food and non-alcoholic beverages (-0.4 percent); and housing and utilites (-0.1 percent). In contrast, prices went up for: clothing and footwear (0.2 percent); furnishing, household equipment and routine maintenance (0.2 percent); health (0.3 percent); recreation and culture (0.2 percent); education (0.1 percent); and restaurant and miscellaneous goods and services (0.1 percent). 

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


PSA l Rida Husna | rida@tradingeconomics.com
1/4/2019 1:53:41 AM



Philippines Prices Last Previous Highest Lowest Unit
Inflation Rate 5.10 6.00 62.80 -2.10 percent [+]
Inflation Rate Mom -0.40 -0.30 9.00 -4.80 percent [+]
Consumer Price Index CPI 118.90 119.60 119.80 1.00 Index Points [+]
Core Consumer Prices 117.30 117.30 117.50 59.24 Index Points [+]
Core Inflation Rate 4.70 5.10 7.25 1.40 percent [+]
GDP Deflator 190.10 184.00 190.70 12.87 Index Points [+]
Producer Prices 132.60 133.50 180.70 81.10 Index Points [+]
Producer Prices Change 0.30 0.30 17.50 -10.00 percent [+]
Food Inflation 6.70 8.00 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 111.90 112.20 112.30 97.90 Index Points [+]
CPI Transportation 104.60 108.80 108.80 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
5.10 6.00 62.80 -2.10 1958 - 2018 percent Monthly




Country Last Previous
Argentina 47.10 Dec/18
Australia 1.90 Sep/18
Brazil 3.75 Dec/18
Canada 1.70 Nov/18
China 1.90 Dec/18
Euro Area 1.60 Dec/18
France 1.60 Dec/18
Germany 1.70 Dec/18
India 2.19 Dec/18
Indonesia 3.13 Dec/18
Italy 1.10 Dec/18
Japan 0.80 Nov/18
Mexico 4.83 Dec/18
Netherlands 2.00 Dec/18
Russia 4.30 Dec/18
Saudi Arabia 2.80 Nov/18
Singapore 0.30 Nov/18
South Africa 5.20 Nov/18
South Korea 1.30 Dec/18
Spain 1.20 Dec/18
Switzerland 0.70 Dec/18
Turkey 20.30 Dec/18
United Kingdom 2.10 Dec/18
United States 1.90 Dec/18


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