PSA-BARMM Chief Statistical Specialist Edward Donald Eloja says the drops in the inflation rate in BARMM can be equated to the stability of the value of ‘Piso’ and the price of commodities based on the Nov. 24, 2023 Inflation rate report. (Faisal Camsa/BIO)
COTABATO CITY—The Philippine Statistics Authority (PSA-BARMM) reported on Nov. 24, that the inflation rate in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) dropped to 5.5 percent in the month of October 2023 compared to September 2023 with an inflation rate at 6.4 percent.
The headline inflation rate in the entire Philippines also drops to 4.9 percent this month compared to the previous month of September 2023 at 6.1 percent.
Among the regions in the country, the Cagayan Valley or Region 2 recorded the lowest inflation rate at 3.4 percent, Ilocos Region or Region 1 recorded the second lowest inflation rate at 3.7 percent, and Region-VIII or Eastern Visayas Region recorded the third lowest inflation rate at 4.0 percent, and MIMAROPA Region recorded the highest inflation rate at 5.9 percent.
PSA-BARMM Chief Statistical Specialist Edward Donald Eloja reported that the decrease in the region’s inflation was mainly brought about by the deceleration due to lower costs of Food and Non-Alcoholic Beverages; Housing, Water, Electricity, Gas, and Other Fuels; Alcoholic Beverages and Tobacco.
“I would say and consider at some point that the drops of the inflation rate in BARMM can be equated to the stability of the value of Piso and price of our commodities in the region,” Chief Eloja said.
“As we observed, the ongoing war between Russia and Ukraine has a great impact globally due to restrictions on fossil fuel supplies in the world market compared to the current war between Israel and Palestine,” he added.
He further emphasized, “This conflict in Israel and Gaza is restricted only to the area and not yet escalated to the oil-rich countries in the Middle East like Saudi, Egypt, Qatar and among others that mainly supply the world oil market.”
In the provinces of BARMM, Maguindanao recorded the highest inflation rate at 9.3 percent, followed by Tawi-Tawi at 9.0 percent, Basilan at 6.1 percent, Lanao Del Sur at 4.4 percent, and Sulu as the lowest inflation rate at -1.6 percent.
Meanwhile, the report also mentioned that Cotabato City’s inflation rate has decreased to 4.8 percent this October 2023 compared to the 7.2 percent inflation rate in the previous month of September 2023. (Kasan Usop, Jr./BIO)
