Latest Inflation rate in the Philippines
October 2023 Inflation Rate
The overall inflation in the Philippines dropped to 4.9 percent in October 2023 from 6.1 percent in the previous month, lower than the Bangko Sentral ng Pilipinas (BSP)’s forecast of 5.1 to 5.9 percent.
This brings the year-to-date (YTD) inflation rate to 6.4 percent, closer to the Development Budget Coordination Committee (DBCC) assumption of 5.0 to 6.0 percent for the full year 2023 but above the government’s inflation target of 2-4 percent for the year.
“This positive development is the result of the government’s decisive and timely actions in mitigating inflation, a testament to President Ferdinand R. Marcos, Jr.’s firm resolve to protect the purchasing power of Filipino families,” Finance Secretary Benjamin E. Diokno said.
The Philippines’ headline inflation dropped to 6.6% in April 2023 from 7.6% in March 2023, due to the lower contribution of food and non-alcoholic beverages, transport, housing, water, electricity, gas, and other fuels to the overall #inflation. Year-to-date inflation stood at 7.9%.
Finance Secretary Benjamin E. Diokno hailed the positive development saying, “The recent inflation numbers indicate that we are on track to managing inflation to within target sometime in the fourth quarter, if not sooner, and near the midpoint of the target range of 2% to 4% by next year.”
The Inter-agency Committee on Inflation and Market Outlook (IAC-IMO), chaired by the National Economic and Development Authority and co-chaired by the @dof_ph, convened last April 20, 2023 to deliberate strategies aimed at managing both food and non-food inflation in the short- and medium-to-long-term.
Read more: https://www.dof.gov.ph/inflation-rate-down-for-3-consecutive-months-lands-at-6-6-in-april-2023/ (LINK IN BIO/Press Releases)
The Philippines’ headline inflation rate further eased to 7.6% in March 2023 from 8.6% in February 2023, mainly due to the lower inflation rate of heavily-weighted food and non-alcoholic beverages.
The Philippines’ headline inflation rate stood at 8.6% in February 2023, slightly lower than 8.7% in January 2023, reflecting slower price increases in the transport commodity group. However, food and electricity, gas, and other fuels remain the highest contributors to inflation.
January 2023 Inflation Rate: 8.7% (due to increased supply constraints and higher utility rates).
To combat inflation, the government has intensified its efforts to improve local production and agriculture by distributing organic fertilizers, high-quality seeds and seedlings, farm equipment, and financial assistance to farmers.
Inflation is expected to moderate towards the end of 2023 as global oil and food prices decline and government measures take effect.
August 2022 Inflation Rate: 6.3%
July 2022 Inflation Rate: 6.4%
June 2022 inflation rate is 6.1%
Source: @dof_ph via Philippine Statistics Authority
Month-Ahead Inflation Forecast
The BSP projects January 2021 inflation to settle within the 3.3 – 4.1 percent range. Higher prices for fuel and meat as well as increased Meralco power rates and excise taxes on alcoholic beverages and tobacco contributed to upward price pressures during the month. These could be partly offset by stable rice prices, lower prices of selected fish and vegetables as well as the continued appreciation of the peso. (Bangko Sentral – Department of Economic Research)
Statement on the June 2019 Inflation Rate
Good news! The inflation rate dropped in June. This is an opportunity for policies that have spurred on the continuing growth of our economy.
The Philippines’ headline inflation rate has eased to 2.7% after seeing a slight uptick in May.
The inflation rate for June is actually lower than the average 2.9% forecast by different economic analysts and our own internal estimates.
The better-than-expected June inflation result will provide the Bangko Sentral ng Pilipinas with more flexibility to implement policy adjustments, such as cutting key policy interest rates and the reserve ratio requirement for banks, which will help spur the economy and lift the country’s gross domestic product back to 6%, after dropping to a 4 year low of 5.6% in the first quarter of 2019. (@WinGatchalian74)
The latest inflation rate in the Philippines is higher than the previous month.
Inflation is the general increase in prices and a fall in money’s purchasing value.
Consumer prices in the Philippines rose by 5.2 percent year-on-year in June of 2018, after a 4.6 percent gain in the previous month and above market estimates of 4.8 percent.
Update: May 2022 inflation is 5.4% The May 2022 inflation outturn of 5.4 percent is within the BSP’s forecast range of 5.0 to 5.8 percent. (Benjamin Diokno)
Because of this, the Bangko Sentral ng Pilipinas (BSP) is considering a strong follow-through monetary adjustment at the next meeting of the monetary board in August.
Higher interest rates discourage people from borrowing money and spending, causing a decline in demand which, in turn, tempers inflation and can even slow down the country’s economic growth.
People have blamed soaring prices on the Duterte administration’s tax reform law, which raised excise levies on fuel and “sin” products, among others.
Supply-side factors like higher global oil prices—exacerbated by the continuing depreciation of the peso—have been pushing up commodity prices.
To tame inflation and lend some strength to the depreciating peso which has been hovering near a 12-year low against the dollar, the BSP has lifted its benchmark rates twice this year.
But analysts say more monetary policy actions are necessary to temper inflation and contain capital flight.
Among the main upside risks to future inflation are potential wage adjustments and transport fare hikes due to higher excise taxes on petroleum products and other key commodities, as well as faster-than-expected monetary policy rate hikes in the US,” the BSP said.
In an economic bulletin, the Department of Finance said inflation might have hit 5.3 percent in July due to higher prices of food, tobacco, fuel, and electricity. The government will release the July inflation data on August 7.
President Rodrigo Duterte is expected to deliver his State of the Nation Address on July 23, 2018, and Filipinos are anxious to hear what his government is doing now and in the future to address this problem.
Aside from the problem of inflation, Filipinos are also anxious to know the real state of peace and order in the Philippines and what the government is doing now and in the future to address the killings of politicians, priests, and ordinary Filipinos.
You may want to read: