Engr. Akan G. Tula, OIC-Regional Director of PSA-BARMM reports on BARMM Inflation for the Month of September on Monday, October 24, 2023. (Marhom Ibrahim/BIO)
In a recent report released by the Philippine Statistics Authority (PSA) on Tuesday, October 24, the Bangsamoro Autonomous Region i Muslim Mindanao (BARMM) experienced a modest rise in its inflation rate, which reached 6,4% in September 2023, compared to 5.1% in August 2023.
Despite this uptick, BARMM remains well below the national inflation average. Region VII, Central Visayas, leads the country with the lowest inflation rate at 3.8%, followed by Region-VIII, Eastern Visayas, at 4.9%.
Cordillera Administrative Region holds the third spot at 5.0%, while Region-III, Central Luzon, records the highest inflation rate at 7.9%.
On a national scale, the headline inflation rate for the Philippines increased to 6.1% this month, up from August 2023’s 5.3%.
Engr. Akan Tula, Officer-in-Charge Regional Director of PSA-BARMM, clarified that the region’s modest inflation increase merely positions it in fifth place among all regions, indicating a manageable situation.
He explained the recent inflation rate surge in the Bangsamoro region can be attributed to growth in the indices of three commodity groups: Food and Non-Alcoholic Beverages; Restaurant and Accommodation Services; and Personal Care, and Miscellaneous Goods and Services.
Addressing the implications of the minor increase in regional inflation, Tula stated, “Our office is solely authorized to share data on the status of the inflation rate, for public consumption to be aware and when the authority is informed, this decision-maker in the government could provide meaningful intervention or programs in order to mitigate the possible negative effect of this increase in inflation rate.”
He reassured the public, saying, “So far, this current slight increase in the region’s inflation rate is mainly due to the present experience international conflict and related to the issue of national or regional demand and supply of basic commodities which is not yet alarming.”
When analyzing inflation rates within the BARMM provinces, Maguindanao (comprising Del Sur and Del Norte) had the highest inflation rate at 10.2%, followed by Basilan at 7.3%, Tawi-Tawi at 5.6%, Lanao Del Sur at 5.2%, and Sulu with the lowest inflation rate at 1.1%.
The report also highlights a significant decline in inflation in Cotabato City, with its rate dropping to 7.2% in September 2023, compared to 4.5% in the previous month of August 2023.
Monitoring the economic stability is part of the Bangsamoro region’s commitment to the 7th priority in the 12-point agenda of BARMM, which aims to enhance the responsiveness and timeliness of social protection measures, thus reducing vulnerability to economic and social crises. (Kasan Usop, Jr./BIO)
