Prices of commodities in the market remain stable in the Bangsamoro region, reflecting a lower inflation rate recorded last October 2024. (Faisal Camsa/BIO)
COTABATO CITY—Bangsamoro region recorded a 1.7 percent inflation rate, the second lowest in the country for the month of October, the Philippine Statistics Authority (PSA) announced on Nov. 15, 2024.
The headline inflation rate in the entire Philippines slightly rose to 1.9 percent this month, compared to 2.3 percent in September.
Among regions, the Cordillera Autonomous Region (CAR) had the lowest inflation at 1.4 percent, followed by Bansgamoro Autonomous Region in Muslim Mindanao (BARMM) at 1.7 percent, Ilocos Region at 1.9 percent, while Western Visayas had the highest at 3.9 percent.
PSA-BARMM Regional Director Engr. Akan Tula said the three (3) causes of slight acceleration in the region’s inflation rate are mainly due to higher costs of Housing, Water, Electricity, Gas, and other fuels; Food and Non-Alcoholic Beverages; and Restaurants and Accommodation Services.
“Specifically, the top five (5) contributors to the acceleration of inflation rate include rentals: restaurants, café, and the like – with full service; fish and other seafood; cereals and cereal products; and personal care,” he said.
Tula explained that the effect of negative inflation or lower prices of products and services would not be good for economists since the consumers will buy the products or services at a much lower price.
“Negative inflation is not good since it will result in a capital loss of the producers or companies (manufacturers) because the price of the commodities will become lower,” Tula stressed.
Meanwhile, in the provinces of BARMM, Sulu recorded the highest inflation rate at 3.2 percent, followed by Maguindanao at 2.2 percent, Lanao Del Sur at 1.9 percent, Basilan at -0.8 percent, and Tawi-Tawi as the lowest inflation rate at -2.0 percent.
The PSA-BARMM report also mentioned that Cotabato City’s inflation rate has also increased slightly to 3.3 percent this October 2024 compared to the 2.9 percent inflation rate in September 2024.
Moreover, the average inflation rate in BARMM from January to October 2024 was recorded at 4.4 percent. (Kasan Usop, Jr./BIO)
