According to cinematographer James Laxton Moonlight only had a small budget of $1.5 million (Variety). Director Barry Jenkins confirmed at a Q&A at the BFI in London, that this was indeed the budget. This is a lower budget than any other 'Best Picture' winner since Rocky (1976) had, which cost a reported $1.1 million in its day. But if the budgets are adjusted for inflation, then "Moonlight" has to be regarded as the 'Best Picture' winner with the lowest budget ever.

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