MARAWI CITY (PIA) — Lanao del Sur’s inflation rate remained unchanged at 2.5 percent in December 2024, the same as the previous month, according to the latest data from the Philippine Statistics Authority (PSA).
This marks a significant decline of 0.7 percentage points compared to 3.2 percent inflation in December 2023, indicating an improvement in the province’s overall cost of living. For the year, Lanao del Sur posted a 3.4 percent year-to-date inflation rate for all items, indicating varied price movements across different sectors.
Higher price increases in specific commodity groups primarily drove the province’s inflation. Alcoholic Beverages and Tobacco posted an annual rise of 3.3 percent, while Housing, Water, Electricity, Gas, and Other Fuels increased by 1.8 percent. Conversely, Transport experienced a slight decline of 0.8 percent.
At the same time, several other sectors recorded a slowdown in inflation. Food and Non-Alcoholic Beverages and Clothing and Footwear both posted inflation rates of 2.6 percent. Other sectors with slower inflation included Furnishings, Household Equipment, and Routine Maintenance of the House at 3.2 percent, Health at 4.9 percent, and Personal Care and Miscellaneous Goods and Services at 4.1 percent.
A notable development in December was the continued decline in food inflation. The food index decreased by 2.4 percent in December, down from 2.8 percent in November, a significant improvement compared to 4.7 percent in December 2023. This decline was mainly due to slower price changes in key food items such as Cereals and Cereal Products (3.9 percent), Rice (4.0 percent), and Fish and Other Seafood (0.6 percent).
Price increases in other food categories, including Milk, Other Dairy Products, and Eggs (10.9 percent) and Ready-Made Food and Other Food Products (1.8 percent), also moderated during the period, contributing to the overall slowdown in food price inflation.
The purchasing power in Lanao del Sur remained at 0.80 in December 2024. This means that goods and services that cost P100 in 2018 now cost P125.
PSA-BARMM Regional Director Engr. Akan Tula assured that efforts are being made by the concerned authorities to maintain a balanced level of inflation, as both extreme highs and extreme lows can have negative effects on the economy.
“Kung mabilis ang pagbagsak ng mga presyo na tinatawag na deflation, maaari itong maging senyales na humihina ang ekonomiya. Kapag kulang ang demand, maaaring mapilitan magbawas ng produksyon at trabaho ang mga kumpanya,” he explained.
(If prices decline rapidly, a phenomenon known as deflation could be a sign that the economy is weakening. When demand is insufficient, companies may be forced to cut production and jobs.) (APB/PIA-10 Lanao del Sur)
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