Inflation Philippines 2024
Average inflation: 3.2%
Current Inflation
Inflation is high at 3.2%, well above the ECB target.
Peak and Trough
The highest inflation was in July at 4.4%. The lowest inflation was in September at 1.9%.
- Highest month
- July: 4.4%
- Lowest month
- September: 1.9%
- Difference
- 2.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 4.4%. The lowest price increase was in Energy with an average of 1.7%.
- Highest increase
- Food: 4.4%
- Lowest increase
- Energy: 1.7%
Historical Context
Current inflation is 1.1% lower than the 5-year average of 4.3%.
- 5-year average
- 4.3%
- 10-year average
- 3.4%
- All-time high (2023)
- 6%
- All-time low (2015)
- 0.7%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +2.8 percentage point.
- Change vs. previous year
- -2.8 percentage points
- Largest monthly swing
- January: -5.9 percentage points
ECB Target
Inflation is 1.2% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 2.8% | -5.9 |
| February | 3.4% | -5.2 |
| March | 3.7% | -3.9 |
| April | 3.8% | -2.8 |
| May | 3.9% | -2.2 |
| June | 3.7% | -1.7 |
| July | 4.4% | -0.3 |
| August | 3.3% | -2.0 |
| September | 1.9% | -4.2 |
| October | 2.3% | -2.6 |
| November | 2.5% | -1.6 |
| December | 2.9% | -1.0 |
| Average | 3.2% |
Data source
Data from WorldBank. Last updated: 06/01/2026.