DAVAO CITY – The Bangsamoro Autonomous Region in Muslim Mindanao logged a 1.3 percent inflation rate in December 2024, the second lowest in the country, the Philippine Statistics Authority said.
FRESHWATER fish sold on the side of the highway in Pagalungan, Maguindanao del Sur. (Keith Bacongco)
PSA-BARMM Regional Director Akan Tula attributed the low inflation rate to lower cost of food and non-alcoholic beverages, restaurants and accommodation services, and transport.
Tula said factors that also contributed to the slight deceleration were lower cost of rentals, restaurants and cafés offering full service, transport, personal care, and electricity, gas, and other fuels.
“Extremely low inflation, or deflation, which results in lower prices of commodities, can harm the economy. It exacerbates economic downturns, leading to decreased production and eventually massive layoffs,” Tula said.
The PSA-BARMM said that the province of Tawi-Tawi has the lowest inflation rate at -0.9 percent, followed by Maguindanao at 0.5 percent, Basilan at 1.2 percent, Lanao del Sur at 2.5 percent, and Sulu with the highest at 2.6 percent.
It said that the inflation rate in Cotabato City decreased slightly to 1.3 percent in December from 1.7 percent in November.
The PSA-BARMM said the region’s inflation rate from January to December 2024 was 3.9 percent that remains within the national government and Bangko Sentral ng Pilipinas' target range of two to four percent.