The annual inflation rate in the Philippines unexpectedly fell to 2.4% in August 2020 from 2.7% in the prior month and compared with market consensus of 2.8%. This was the lowest fifure since May, amid sluggish demand due to the COVID-19 pandemic. Cost eased for alcoholic beverages & tobacco (17.7% vs 19.3%); food (1.8% vs 2.4%); clothing (1.9% vs 2.2%); education (0.1% vs 0.5%); and miscellaneous goods and services (2.3% vs 2.5%). In addition, prices of recreation and culture dropped (-0.1% vs 1.1%). Meantime, inflation was steady for transport (at 6.3%); health (at 2.8%), and communication (at 0.3%); while little-changed for both housing & utilities (0.9% vs 0.8%); and furnishing, household, routine maintenance (3.9% vs 4%). On a monthly basis, consumer prices fell by 0.2%, the first drop in four months, after a 0.5% rise in July.

Inflation Rate in Philippines averaged 8.24 percent from 1958 until 2020, 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 September of 2020. source: Philippine Statistics Authority