MARAWI CITY (PIA) — The inflation rate in both the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and Lanao del Sur decelerated in August 2024, according to the Philippine Statistics Authority (PSA) – BARMM.
PSA-BARMM Regional Director Akan Tula said the region’s inflation rate dropped to 3.7 percent in August from 5.7 percent in July. Lanao del Sur also experienced a slowdown in the rise in the prices of goods from 4.7 percent in July to 3.3 percent in August. Both declarations align with the national trend of easing inflation.
According to him, the primary factors contributing to the deceleration in inflation in the region were lower prices of Food and Non-Alcoholic Beverages, Transport, Restaurants, and Accommodation Services.
“The main reason for the lower inflation rate in August compared to July 2024 is the slower increase in the price of food and non-alcoholic beverages at 4.1 percent. This has a 66.7 percent share in lowering the average inflation rate in the region,” he said in a press conference on Monday, September 9.
Tula stated the primary factor behind the decreased inflation rate for food and non-alcoholic beverages is the slower rise in the price of cereals and cereal products, particularly rice, which experienced a 9.2 percent inflation rate.
Additionally, fish and other seafood prices declined by 0.6 percent, compared to a 1.2 percent increase the previous month. Vegetables, cucumbers, plantains, cooked bananas, and pulses also saw a negative 2.0 percent inflation rate.
On the other hand, the decline in Lanao del Sur’s inflation rate was mainly brought about by the slower inflation for Restaurants and Accommodation Services at 4.4 percent; Food and Non-Alcoholic Beverages at 3.9 percent; Furnishing; and Household Equipment and Routine Maintenance of the House at 3.3 percent.
Tula highlighted the significant impact of inflation on the region’s economy. He emphasized that both increases and decreases in the inflation rate can affect the purchasing power of the peso, leading to changes in the prices of essential goods and services.
“Ang mataas na inflation rate ay nagpapataas ng presyo ng bilihin, tumataas ang antas, tumataas yung mga presyo ng bilihin at basic services sa ating rehiyon na maaring magdulot ng paghina ng purchasing power ng mga tao sa rehiyon. Maaring bumaba ang kalidad ng pamumuhay at lalong mahirapan ang mga negosyo at consumer. On the other hand, pag-bumaba naman, its the other way around,” he explained.
When asked about PSA-BARMM’s proposed interventions, Tula emphasized that their role is only to monitor the fluctuations in prices to ensure the accuracy of the data and provide evidence-based information to planners or concerned agencies in the region. (APB/PIA-10 Lanao del Sur)
