DAVAO CITY — The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded an inflation rate of 1.3% in December 2024, marking the second lowest in the Philippines, according to the Philippine Statistics Authority (PSA)-BARMM’s report released on Friday, January 10.
This follows a slight increase in the country’s overall inflation rate, which rose to 2.9% in December from 2.5% in November. The national year-to-date average inflation stands at 3.2%, within the government’s target range of 2 to 4%, as reported by the National Economic and Development Authority (NEDA).
Among the country’s regions, SOCCSKSARGEN (Region XII) had the lowest inflation rate at 1.2%, while BARMM and Eastern Visayas (Region VIII) shared the second lowest rate of 1.3%. CARAGA (Region XIII) posted the third lowest at 1.5%, and Cagayan Valley (Region II) recorded the highest at 4.6%.
PSA-BARMM Regional Director Engr. Akan Tula explained that the reduced costs of Food and Non-Alcoholic Beverages, Restaurants, Accommodation Services, and Transport largely drove the slight deceleration in the region’s inflation rate. “The top contributors to this deceleration include rentals, restaurants and cafés offering full service, transport, personal care, and electricity, gas, and other fuels,” Tula said.
Tula also clarified that very low and high inflation rates can negatively affect the economy. “Extremely low inflation, or deflation, which results in lower commodity prices, can harm the economy by exacerbating downturns, leading to reduced production and massive layoffs,” he explained.
Regarding provincial performance, Tawi-Tawi had the lowest inflation rate at -0.9%, followed by Maguindanao at 0.5%, Basilan at 1.2%, and Lanao del Sur at 2.5%. Sulu posted the highest rate in the region at 2.6%.
The report also showed that Cotabato City’s inflation rate decreased slightly to 1.3% in December 2024, down from 1.7% in November.
For the entire year, BARMM’s average inflation rate was recorded at 3.9%, remaining within the target range set by the national government and Bangko Sentral ng Pilipinas.-with a report from Karan Usop Jr.
