Inflation rate in the Philippines 2024

Philippines: Inflation rate from 2014 to 2024 (compared to the previous year)

Inflation rate in the Philippines 2024 The Philippines’ inflation rate seems to have leveled off after peaking at more than 5 percent in 2018 and jumping up and down a few years prior. 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.
Show more

Philippines: Inflation rate from 2014 to 2024 (compared to the previous year)

Loading statistic...
Inflation rate compared to previous year
2024*3%
2023*3%
2022*3%
2021*3.06%
2020*3.27%
2019*3.84%
20185.21%
20172.85%
20161.25%
20150.67%
20143.61%
Inflation rate compared to previous year
2024*3%
2023*3%
2022*3%
2021*3.06%
2020*3.27%
2019*3.84%
20185.21%
20172.85%
20161.25%
20150.67%
20143.61%
Download Settings Share
Download started
Please be patient - this may take a moment
The Philippines’ inflation rate seems to have leveled off after peaking at more than 5 percent in 2018 and jumping up and down a few years prior. 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.
Show more
Statista Accounts: Access All Statistics. Starting from $588 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.

Premium Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references

$49 / Month *

Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract.
   Prices do not include sales tax.
Leading companies trust Statista:
paypalgoogleadobepgsamsungtelekom
Related Studies: Available to Download in PDF or PPTX Format
The Philippines
The Philippines

All Information
in one Presentation

The Philippines

Everything On "The Philippines" in One Document: Edited and Divided into Handy Chapters. Including Detailed References.

Statista has been my savior on several occasions. The site is easy to maneuver and the data is in a format that can go right into a report or presentation.
Marlene Greenfield

Marlene Greenfield
Vice President, Hearst Magazines

Statistics on "The Philippines"
  • Population
  • Economy
  • National finances
  • ASEAN country comparisons
  • Digital usage
  • Retail
Discover Statista
Need help with using Statista for your research? Tutorials and first steps
Further Content: Statistics, Studies, and Topic Pages
Learn more about how Statista can support your business.
Do you have any questions about our business solutions?

We provide you with detailed information about our Corporate Account.