In this article, you will get to know about the Inflation Rate Philippines 2024: Current inflation rate and Projection for the Year 2025, You Should Know. As of Jan 2024, the annual inflation rate of the Philippines was 2.5% which is the lowest rate since Oct 2020. The Federal Philippines central bank has also lowered its risk with the adjustment inflation forecast for 2024 to 3.9 per cent and it will be going to forecast to 3.4% in 2025. Along with this, the Federal Philippines Government is targeting inflation in the range of 2 to 4 per cent. To know more about the Inflation Rate Philippines 2024, the projected rate for the year 2025, and more, continue browsing this article.
Inflation Rate Philippines 2024
The annual inflation rate in the Philippines fell to 2.8% from 3.9% in the prior month. Philippine inflation has slowed to its weakest in nearly two years but the full year remained outside the Central Bank’s target which was diminishing the changes of nearly term rate cuts. The Federal Monetary Board has deemed its necessary policy with sufficient sustained downtrend.
The Inflation Rate Philippines are determined based on the Consumer Price Index which increased to 3.9% in Dec and from there, it was earlier compared with 4.1% in Nov, these statistics are straight with the month where inflation has eased. This has brought the 2023 average inflation rate to 6% which is still way outside the central bank target of 2% to 4%. The BSP will continue monitoring the inflation expectations and take appropriate action against the need to bring inflation under control.
|
Important Links |
The economists Reuters the forecast annually with 4%, the core inflation was stripped to the explosive energy and food prices. The rising cost of inflation makes certain circumstances which are applicable to some cost of living. The higher inflation causes higher prices which leads to difficulties in the cost of living and low-income recipients face major issues in the progress of their positive spending and investments.
The Inflation Rate Philippines highlight the overall slow down to 2.8% in Jan 2024. This was a downtrend to the general inflation which was primarily carried by the slower annual increment of food and non-alcoholic liquids at 5.4% to 3.5% in Jan 2024. This also contributes to the downtrend of water, gas, electricity, housing, and other fuels with a slower yearly increase of 0.7% from 1.5%.
In the Inflation Rate Philippines, the low annual increments were also noted which are indices to the commodity groups that include; alcoholic beverages and tobacco from 8.4% to 9%. The clothing and footwear rates from 3.8% to 4.2%, and furnishing, routine household maintenance, and household equipment from 3.9% to 4.5%. Along with these the restaurants and federal accommodation services are changing by 5.5% from 5.6%, and personal care, miscellaneous goods, and other services have increased by 4% from 4,6%.
Current inflation rate
Currently, in the Philippines, the inflation rate was noted at 3.9% in Dec 2023 which is the lowest rate recorded in years 2023. The current inflation rate is noted with the consumer price index which calculates the changes in the average retail prices of commodities or goods and services.
As per the latest information the Philippines’ current inflation rate is noted at 2.8% in Jan 2024 which was also calculated as the lowest rate since Oct 2020. The actual rates in not confirmed but it is settled in between 2 to 4 percent. Along with this, the projected GDP Is denoted at 6 %.
|
Important Links |
Projection for the Year 2025
For the year 2025, the Inflation Rate Philippines is projected to be around 3.4%. The BSP has also maintained its inflation to be forecast at 3.4%. Inflation is expected to remain the same and also expected to be increased by its remaining target range for 2024 and 2025. The inflation will have an aggressive rate with a hike of delivering the strengthened back and maintaining its key pause rates unchanged.
The economy also raised its inflation projection to 5.9% from 5.5% which is above the central bank’s target range. The private economists also expected the inflation acceleration with quick outlooks that are particularly from the weather impacts and the trade restrictions. On the other hand, the projection for the year 2025 is weaker than then the expected primary downside risk.
To read other articles, Click Here.