Photo by Marhom Ibrahim
COTABATO CITY—Philippine Statistics Authority (PSA-BARMM) released data on August 9, indicating a decline in BARMM’s inflation rate to 5.1 percent in July 2023, compared to the 6 percent rate observed in June.
OIC Regional Director of PSA-BARMM, Engr. Akan Tula, attributed the drop in inflation to multiple factors, including reduced costs of Food and Non-Food beverages, Transport services, and Housing, Water, Electricity, Gas, and other fuels.
“The continuous deceleration in the overall inflation rate in the BARMM during this period of July 2023 is again, a good indicator not only of the region’s economic impact but also to our communities in the region because the value of purchasing power of their money is becoming slightly higher,” Tula said.
“Our people’s money now could buy a little bit more commodities compared to the previous months,” he added.
Among BARMM provinces, Lanao Del Sur exhibited the lowest inflation rate at 2.9 percent, followed by Sulu at 5.8 percent, Basilan at 4.6 percent, Tawi-Tawi at 4.1 percent, and Maguindanao at the highest with 7.0 percent.
PSA-BARMM’s report also noted a decrease in Cotabato City’s inflation rate, measuring 4.3 percent in July 2023, down from June’s 4.7 percent.
Meanwhile, the headline inflation rate across the Philippines declined to 4.7 percent in this month, as compared to 5.4 percent rate in June.
Jherus de Guia, Bangko Sentral ng Pilipinas (BSP) – Cotabato City Bank Officer II, shared a BSP central office press statement, explaining, “the July 2023 outturn of 4.7 percent is within the BSP’s forecast range of 4.1 to 4.9 percent consistent with the overall assessment that the inflation will gradually decelerate back to the target range by 4th Quarter in the absence of further supply-shocks.”
Across the country, Region 8 or Eastern Visayas boasted the lowest inflation rate at 2.4 percent, trailed by Cordillera Administrative Region (CAR) at 2.9 percent, and Region-IX or Zamboanga Peninsula at 3.0 percent. Meanwhile, Region 6 or Western Visayas recorded the highest inflation rate at 5.8 percent.
Furthermore, BARMM’s inflation stability corresponds with BARMM Chief Minister Ahod Ebrahim’s enhanced 12-point priority agenda, specifically focusing on Social Protection, an endeavor to enhance the promptness and effectiveness of social protection services in order to mitigate vulnerability to economic, social, and environmental challenges. (Kasan Usop, Jr./BIO)
