MARAWI CITY—The Philippine Statistics Authority (PSA-BARMM) reported that the inflation rate in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) dropped to 5.5 percent in October 2023 compared to the 6.4 percent recorded in September 2023.
Edward Donald Eloja, the chief statistical specialist at PSA-BARMM, attributed the region’s decreased inflation primarily to the deceleration of Food and Non-Alcoholic Beverages, Housing, Water, Electricity, Gas, and Other Fuels, as well as Alcoholic Beverages and Tobacco.
“At some point, I would equate the drops in the inflation rate in BARMM to the stability of the value of the peso and the prices of our commodities in the region,” Eloja said.
He emphasized that the conflict in Israel and Gaza is restricted only to the area and has not yet escalated to the oil-rich countries in the Middle East like Saudi, Egypt, and Qatar, 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 with the lowest inflation rate at -1.6 percent.
Meanwhile, the headline inflation rate in the entire country also drops to 4.9 percent 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 Eastern Visayas or Region 8, recorded the third lowest inflation rate at 4.0 percent, while MIMAROPA Region recorded the highest inflation rate at 5.9 percent. (BIO/PIA Lanao del Sur)
