Inflation Philippines 2023
Average inflation: 6.0%
Current Inflation
Inflation is very high at 6.0%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 8.7%. The lowest inflation was in December at 3.9%.
- Highest month
- January: 8.7%
- Lowest month
- December: 3.9%
- Difference
- 4.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 7.9%. The lowest price increase was in Core inflation with an average of 4.9%.
- Highest increase
- Food: 7.9%
- Lowest increase
- Core inflation: 4.9%
Historical Context
Current inflation is 1.9% higher than the 5-year average of 4.1%. This approaches the highest level since records began (6.0% in 2023).
- 5-year average
- 4.1%
- 10-year average
- 3.4%
- All-time high (2023)
- 6%
- All-time low (2015)
- 0.7%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +0.2 percentage point.
- Change vs. previous year
- +0.2 percentage points
- Largest monthly swing
- January: +5.7 percentage points
ECB Target
Inflation is 4.0% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.00 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.7% | +5.7 |
| February | 8.6% | +5.6 |
| March | 7.6% | +3.6 |
| April | 6.6% | +1.7 |
| May | 6.1% | +0.7 |
| June | 5.4% | -0.7 |
| July | 4.7% | -1.7 |
| August | 5.3% | -1.0 |
| September | 6.1% | -0.8 |
| October | 4.9% | -2.8 |
| November | 4.1% | -3.9 |
| December | 3.9% | -4.2 |
| Average | 6.0% |
Data source
Data from WorldBank. Last updated: 06/01/2026.