In a reassuring development for Negros Oriental, the province experienced favorable inflation rates throughout 2024, even as the threat of a significant eruption from Mt. Kanlaon loomed large. The Philippine Statistics Authority (PSA) in the region announced on January 17, 2025, that the efforts of various agencies to monitor and control commodity prices had paid off, leading to a more stable economic environment last year.
Ariel Fortuito, the chief statistical specialist at PSA-Negros Oriental, emphasized that the decline in inflation rates in 2024 was a testament to the success of government initiatives aimed at maintaining price stability. He noted that 2024 marked a significant improvement over the previous year, with inflation trends showing a positive shift.
According to PSA data, the headline inflation rate for December 2024 edged up to 1.0 percent from 0.9 percent in November. However, this was a substantial decrease from the 5.6 percent recorded in December 2023. The average inflation rate for the entire year stood at 3.2 percent, with the peak occurring in March at 5.8 percent and the trough in November.
The slight increase in December’s inflation was attributed to rises in transport costs, as well as expenses related to housing, water, electricity, gas, and other fuels. Additional factors contributing to inflation included increases in the prices of food and non-alcoholic beverages, education services, and other housing-related commodities.
Despite the overall positive outlook, Fortuito expressed concerns about potential price increases for vegetables, given that Canlaon City, a major supplier, might be affected by the volcanic activity of Mt. Kanlaon. He also highlighted the risk of rising fish prices if a major eruption were to impact coastal waters.
While the PSA remains optimistic about avoiding a catastrophic eruption, the agency continues to monitor the situation closely to mitigate any potential economic impacts.