COTABATO CITY—Despite the slight increase of inflation rate in the region in January of this year, BARMM is still considered “low” across the country placing the region at 4th lowest inflation rate in the Philippines.
The inflation rate across the BARMM region rose to 7.8 percent in January 2023 compared to December 2022 with the lowest inflation rate among all regions in the country at 6.3 percent, the Philippine Statistics Authority (PSA-BARMM) said in a report released Feb. 14.
PSA-BARMM Officer-in-Charge Regional Director Engr. Akan Tula mentioned that the main sources of inflation rate acceleration in the region’s inflation were due to increase in Food and Non-Alcoholic Beverages at 9.6 percent compared to the previous month; an increase in Restaurant and Accommodation Services at 12.0 percent compared to 6.9 percent to the previous month; and increase in housing, water, electricity, gas, and other fuels at 4.5 percent compared to the previous month of December 2022.
“The major contributions to the increase in the region’s inflation rate are due to increase in the prices of commodities like vegetables, tubers, plantains, cooking Bananas and pulses such as onions; flour, bread and other bakery products like cassava; housing services or rentals; and prices of gas, oils, and fuels,” Tula said.
Meanwhile, Senior Economic Development Specialist of the Bangsamoro Planning and Development Authority (BPDA) Camella De Vera said the ongoing war in Ukraine and the continuous effect of the Covid-19 Pandemic have added factors to the “unstable inflation rate not just in the Bangsamoro region but also in the entire country.”
“The geopolitical tensions in Europe plus the disruption of the supply chain in the region due to weather system and experience low-pressure in some areas, which disrupt the transportation of commodities are among the factors that influence the increase of inflation rate in the region,” said Bangko Sentral ng Pilipinas (BSP) Senior Research Specialist Zarinah Aligsao.
Aligsao was very optimistic and stressed that this increase in prices of commodities is driven by the increased tourism in some areas and more people going out which is a “good indicator of driving the economy” of the region.
Among the provinces in BARMM, Basilan recorded the highest inflation rate at 11.7 percent, followed by Tawi-Tawi at 9.9 percent, Lanao Del Sur at 9.5 percent, Maguindanao at 6.6 percent, and Sulu with the lowest inflation rate at 4.0 percent.
The report also mentioned that Cotabato City climbs its inflation rate to 7.4 percent this January 2023 compared to the 5.3 percent inflation rate in the previous month of December 2022.
The headline inflation rate in the entire Philippines rose to 8.7 percent this month compared to the previous month of December 2022 at 8.1 percent.
Meanwhile, Chief Transportation Regulation Officer of the Ministry of Transportation and Communication (MOTC) Anwar Upahm stressed, “Our regional tensions in South East Asia and the latest oil embargo of Russian oil are considered among the additional factors in the increase of inflation rate in the region.”
Accordingly, Region-VIII (Eastern Visayas Region) recorded the lowest inflation rate at 6.9 percent; Region 7 (Central Visayas Region) recorded the second lowest inflation rate at 7.2 percent; and Region XII (SOCCSKSARGEN) recorded the third lowest inflation rate at 7.4 percent. Meanwhile, Region-6 (Western Visayas Region) got the highest inflation rate at 10.3 percent. (Kasan Usop, Jr./BIO)
