BARMM’s inflation rate drops to 3.7%

ZAMBOANGA City — 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 of 5.7 percent, the Philippine Statistics Authority (PSA) announced.

PSA-BARMM Director Engr. Akan Tula reported yesterday that the headline inflation rate in the entire Philippines also dropped to 3.3 percent this month compared to July at 4.4 percent.

The average inflation rate in BARMM from January to August 2024 was 5.2 percent, the PSA-BARMM record showed.

According to Tula, 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.

Tula explained that the three main causes of deceleration in the region’s inflation rate are lower costs of Food and Non-Alcoholic Beverages; Transport; and Restaurants and Accommodation Services.

He also said the “inflation rate” impact in the region is “Either there is an increase or decrease in the prices of commodities and services and 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,” the PSA-BARMM chief said.

Among 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.