BARMM posts lowest inflation rate

ZAMBOANGA CITY — The Bangsamoro Autonomous Region in Muslim Mindanao through Philippine Statistics Authority (BARMM-PSA) has recorded the lowest inflation rate in the country with its record at 1.7 percent in November 2024.

PSA-BARMM Regional Director Engr. Akan Tula said yesterday that among the provinces of BARMM, Sulu recorded the highest inflation rate at 3.5 percent, followed by Lanao Del Sur at 2.5 percent, Maguindanao at 1.9 percent, Basilan at -01.8 percent, and Tawi-Tawi as the lowest inflation rate at -1.4 percent.

The PSA-BARMM report also mentioned that Cotabato City’s inflation rate has increased slightly to 3.9 percent this November 2024 compared to the 3.3 percent inflation rate in October 2024.

Meanwhile, the average inflation rate in BARMM from January to November 2024 was recorded at 4.2 percent.

Tula said the headline inflation rate in the entire Philippines slightly rose to 2.5 percent in November compared to 2.3 percent in October.

According to Tula, the Bangsamoro Region, SOCCSARGEN (XII) Region, and CARAGA (XIII) Region are the three regions in the country that recorded the lowest inflation rate in November.

Tula also reported that the Ilocos Region or Region I recorded the second lowest inflation rate at 1.8 percent, Eastern Visayas (Region 8) recorded the third lowest inflation rate at 2.1 percent, and Cagayan Valley, (Region 2) recorded the highest inflation rate at 3.4 percent.

Tula explained that the three causes of the slight acceleration in the inflation rate in the three regions are mainly due to higher costs of housing, water, electricity, gas and other fuels; food and non-alcoholic beverages; and restaurants and accommodation services.

 He said, “Specifically, the top five contributors to the acceleration of inflation rate include rentals; fish and other seafood; restaurants, café, and the like — with full service; personal care; and cereals and cereal products.” 

The regional director also emphasized that with any increases in the inflation rate, the value of the money will be affected, especially for those who have fixed income or salary, which will lower its present value or purchasing power.