A Bangsamoro woman rushes to the market to purchase essential goods at one of the supermarkets in Cotabato City. (Michael Camsa/BIO)
COTABATO CITY—Inflation in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) remained at 5.1 percent in August 2023 with the same rate last June.
“As a general assessment, BARMM is currently at an acceptable Inflation Rate level even in an up-and-down situation,” said OIC Regional Director of PSA-BARMM Engr. Akan Tula.
Tula explained several major factors that contributed to the inflation rate such as the cost of Food and Non-Food beverages, Restaurant and accommodation services, and Housing, Water, Electricity, Gas, and other fuels.
“The inflation rate really depends on the changes in the supply and demand of basic commodities in the region in which if there is scarcity on supply and increase in demand, the price will eventually increase and also the inflation rate,” he added.
Among the regions in the country, Region 8, or Eastern Visayas still recorded the lowest inflation rate at 3.1 percent, followed by Cordillera Administrative Region (CAR) at 3.9 percent, and Region-IX or Zamboanga Peninsula recorded the third lowest inflation rate at 4.3 percent, while Region 3 or Central Luzon recorded the highest inflation rate at 7.0 percent.
The headline inflation rate in the entire Philippines increased to 5.3 percent this month compared to the previous month of May 2023 at 4.7 percent.
In the provinces of BARMM, Tawi-Tawi recorded the lowest inflation rate at 2.7 percent, followed by Basilan at 3.5 percent, Lanao Del Sur at 4.0 percent, Sulu at 4.1 percent while Maguindanao still recorded the highest inflation rate at 7.7 percent
The report also mentioned the slight increase of Cotabato City’s inflation rate to 4.5 percent this August 2023 compared to the 4.3 percent inflation rate in the previous month of July 2023.
Meanwhile, this region’s inflation rate stability equates with the BARMM’s Enhanced 12-Point Agenda, particularly on Social Protection, an effort to boost responsiveness and timeliness of social protection services. (Kasan Usop, Jr./BIO)
