In 2023, the Philippines’ inflation rate amounted to 5.98 percent. The Philippines are considered “newly industrialized”, but the economy relies on remittances from nationals overseas, and the services sector generates most of its GDP .

Emerging and soon to develop?

After switching from agriculture to services and manufacturing, the Philippines are now an emerging economy, i.e. the country has some characteristics of a developed nation but is not quite there yet. In order to transition into a developed nation, the Philippines must meet certain requirements, like being able to sustain their economic development, being very open to foreign investors, or maintaining a very high stability of the institutional framework (like law enforcement and the government). Only if these changes are irreversible can they be classified as a developed nation.

The Philippines’ switch to services

Ever since the switch to services and manufacturing, employment in these areas has increased and the country is now among those with the highest employment in the tourism industry worldwide. This transition was not entirely voluntary but also due to decreasing government support, the liberalization of trade, and reform programs. Still, agriculture is important for the country: As of 2017, more than a quarter of Filipinos are still working in the agricultural sector, and urbanization has only increased very slightly over the last decade.

In 2024, the average inflation rate of all commodities in the Philippines amounted to 3.2 percent, about 50 percent less from the previous year. Since 2019, the highest inflation rate in the country was recorded in January 2023.

As of December 2024, the inflation rate for all commodities in the Philippines reached 2.9 percent, reflecting a significant decrease from the same month of the previous years. The country's inflation rate in 2024 was the lowest in September.

Philippines PH: Inflation:(GDP) Gross Domestic ProductDeflator data was reported at 2.321 % in 2017. This records an increase from the previous number of 1.699 % for 2016. Philippines PH: Inflation:(GDP) Gross Domestic ProductDeflator data is updated yearly, averaging 6.790 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 53.336 % in 1984 and a record low of -0.587 % in 2015. Philippines PH: Inflation:(GDP) Gross Domestic ProductDeflator data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; Median;

Philippines DI: All Industries: Current Qtr: Inflation Rate Expectations data was reported at 3.588 % in Dec 2024. This records a decrease from the previous number of 4.275 % for Sep 2024. Philippines DI: All Industries: Current Qtr: Inflation Rate Expectations data is updated quarterly, averaging 3.700 % from Jun 2013 (Median) to Dec 2024, with 46 observations. The data reached an all-time high of 7.229 % in Jun 2023 and a record low of 1.520 % in Sep 2016. Philippines DI: All Industries: Current Qtr: Inflation Rate Expectations data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.S004: Business Expectation Survey: Indices of Expectations on Economic Indicators.

In December 2024, the inflation rate in the National Capital Region (NCR) or Metro Manila reached 3.1 percent, indicating an increase from the previous month. The region's inflation rate fluctuated that year, with the highest inflation rate recorded in July.

Le taux d'inflation aux Philippines est resté inchangé à 2,90 pour cent en janvier. Les valeurs actuelles, des données historiques, des prévisions, des statistiques, des tableaux et le calendrier économique - Philippines - Taux d'inflation.

Graph and download economic data for Consumer Price Index for Philippines (DDOE02PHA086NWDB) from 1960 to 2017 about Philippines, CPI, price index, indexes, and price.

6.0 (%) in 2023. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Philippines Bangko Sentral ng Pilipinas: Inflation Target: Lower Limit data was reported at 2.000 % in 2022. This stayed constant from the previous number of 2.000 % for 2021. Philippines Bangko Sentral ng Pilipinas: Inflation Target: Lower Limit data is updated yearly, averaging 3.000 % from Dec 2002 (Median) to 2022, with 21 observations. The data reached an all-time high of 5.000 % in 2005 and a record low of 2.000 % in 2022. Philippines Bangko Sentral ng Pilipinas: Inflation Target: Lower Limit data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.I001: Consumer Price Index: Inflation Target.

Inflation rate (GDP deflator) of Philippines plummeted by 16.25% from 5.5 % in 2022 to 4.6 % in 2023. Since the 38.29% surge in 2021, inflation rate (GDP deflator) rocketed by 101.38% in 2023. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

Der Verbraucherpreisindex auf den Philippinen stieg im Januar 2025 um 0,50 Prozent gegenüber dem Vormonat. Diese Werte, historische Daten, Prognosen, Statistiken, Diagramme und ökonomische Kalender - Philippinen - Inflationsrate (monatlich).

According to a 2023 survey by Rakuten Insight on inflation in the Philippines, the majority of respondents across all age groups indicated that their ability to pay for basic necessities such as food, clothing, healthcare were most affected by the rising prices. Meanwhile, over half of the survey participants said they were unable to save due to inflation.

This scatter chart displays unemployment (% of total labor force) against inflation (annual %) and is filtered where the country is Philippines. The data is about countries per year.

Philippines DI: All Industries: Next Quarter: Avg Inflation Rate data was reported at 50.100 NA in Sep 2018. This records an increase from the previous number of 47.100 NA for Jun 2018. Philippines DI: All Industries: Next Quarter: Avg Inflation Rate data is updated quarterly, averaging 27.100 NA from Jun 2001 (Median) to Sep 2018, with 70 observations. The data reached an all-time high of 55.100 NA in Sep 2005 and a record low of -0.600 NA in Dec 2006. Philippines DI: All Industries: Next Quarter: Avg Inflation Rate data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.S003: Business Expectation Survey: Indices of Expectations on Economic Indicators.

This scatter chart displays individuals using the Internet (% of population) against inflation (annual %) and is filtered where the country is Philippines. The data is about countries per year.

The transportation sub-index of the CPI basket in Philippines increased to 130.40 points in February of 2025 from 130.30 points in January of 2025. This dataset provides - Philippines Cpi Transportation- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Philippines Producers Price Index: ME: Machinery & Equipment data was reported at 142.463 2000=100 in Feb 2018. This records an increase from the previous number of 142.455 2000=100 for Jan 2018. Philippines Producers Price Index: ME: Machinery & Equipment data is updated monthly, averaging 209.300 2000=100 from Jan 2007 (Median) to Feb 2018, with 134 observations. The data reached an all-time high of 247.900 2000=100 in Jun 2008 and a record low of 140.863 2000=100 in Aug 2017. Philippines Producers Price Index: ME: Machinery & Equipment data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.I052: Producer Price Index: 2000=100.

This scatter chart displays inflation (annual %) against forest area (km²) and is filtered where the country is Philippines. The data is about countries per year.

This scatter chart displays incidence of HIV (per 1,000 uninfected population) against inflation (annual %) and is filtered where the country is Philippines. The data is about countries per year.