COTABATO CITY—Philippine Statistics Authority (PSA-BARMM) announced on Dec. 16, that the Bangsamoro region’s inflation rate was among the lowest rate in the country with its record at 1.7 percent in November 2024.
This month, the Bangsamoro region’s inflation rate of 1.7 percent was the same as in October 2024.
The headline inflation rate in the entire Philippines slightly rose to 2.5 percent this month, compared to 2.3 percent in October.
Among the regions in the country, the Bangsamoro Region, SOCCSARGEN (XII) Region, and CARAGA (XIII) Region are the three (3) that recorded the lowest inflation rate.
Meanwhile, the Ilocos Region or Region I recorded the second lowest inflation rate at 1.8 percent, Eastern Visayas or Region 8 recorded the third (3rd) lowest inflation rate at 2.1 percent, and Cagayan Valley or Region 2 recorded the highest inflation rate at 3.4 percent.
PSA-BARMM Regional Director Engr. Akan Tula reported that the three (3) causes of the 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.
He said, “Specifically, the top five (5) contributors to the acceleration of inflation rate include rentals; fish and other seafood; restaurants, café, and the like – with full service; personal care; and cereals and cereal products.”
The Regional Director also emphasized that any increases in the inflation rate, the value of the money will be affected, especially to those who has fix income or salary, by it will lower its present value or purchasing power.
When asked about considering the printing of more Philippine money to help stabilize or even lower the inflation rate in the country, Engr. Tula explained that there is strict procedure to printing of more money and it is not an easy or simple step to solve the effect of inflation rate in the country.
“Though Bangko Sentral ng Pilipinas has the right authority to answer this question, for me, printing more money will affect the demand and supply of the commodities. Thus, if the demand increases because we have enough or more money to buy the commodities, then, the supply decreases which will eventually increases the price of any commodities,” Engr. Tula explained.
Among the provinces of BARMM, Sulu recorded the highest inflation rate at 3.5 percent, followed by Lanao Del Sur at 2.5 percent, Maguindanao at 1.9 percent, Basilan at -01.8 percent, and Tawi-Tawi as the lowest inflation rate at -1.4 percent.
The PSA-BARMM report also mentioned that Cotabato City’s inflation rate has increased slightly to 3.9 percent this November 2024 compared to the 3.3 percent inflation rate in October 2024.
Meanwhile, the average inflation rate in BARMM from January to November 2024 was recorded at 4.2 percent. (Kasan Usop, Jr./BIO)
