Philippines inflation: establishing a downtrend?

PHILIPPINES - Report 08 Jan 2024 by Diwa Guinigundo

The January 5 release of the December 2023 inflation rate report in the Philippines indicates another possible downtrend of the country’s price movements. The first episode occurred last year, when inflation fell from a peak of 8.7% in January 2023 and dropped consistently in the following months until July, when it settled at 4.7% even as the level remained outside the 2%-4% inflation target.

With December's inflation moderating to 3.9%, a shade lower than the lower end of the inflation target, this could likely establish another episode in the downtrend. This started in September 2023 with price growth hitting 6.1%, sustaining it at 4.9% in October and 4.1% in November.

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