COTABATO CITY—Philippine Statistics Authority (PSA) announced today, Sept. 9, that the inflation rate in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) dropped to 3.7 percent in August 2024 compared to July with an inflation rate at 5.7 percent.
The headline inflation rate in the entire Philippines also drops to 3.3 percent this month compared to the previous month of July at 4.4 percent.
Among the regions in the country, the Ilocos Region or Region 1 recorded the lowest inflation rate at 1.8 percent, CARAGA Region or Region 13 recorded the second lowest inflation rate at 2.3 percent, Region-4A or CALABARZON Region recorded the third lowest inflation rate at 3.2 percent, and Davao Region or Region 11 recorded the highest inflation rate at 4.9 percent.
“The three (3) causes of deceleration in the region’s inflation rate are mainly due to lower costs of Food and Non-Alcoholic Beverages; Transport; and Restaurants and Accommodation Services,” said PSA-BARMM Regional Director Engr. Akan Tula.
When asked about the impact of the inflation rate in the region, he emphasized, “Either there is an increase or decrease in the inflation rate, definitely the region’s economy is affected.”
He further explained, “An increase in the inflation rate will affect the region by lowering the purchasing power of our peso, which will eventually increase the price of our basic commodities and services. This effect is reversed when there is a decrease in the region’s inflation rate.”
Meanwhile, in the provinces of BARMM, Tawi-Tawi recorded the highest inflation rate at 4.2 percent, followed by both Maguindanao and Basilan at 4.2 percent, Lanao Del Sur at 3.3 percent, and Sulu as the lowest inflation rate at 2.8 percent.
Moreover, the PSA-BARMM report also mentioned that Cotabato City’s inflation rate has decreased to 5.1 percent this August 2024 compared to the 5.3 percent inflation rate in July 2024.
The average inflation rate in BARMM from January to August 2024 was 5.2 percent.(Kasan Usop, Jr./BIO)
