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Wednesday, November 29, 2023

Inflation rate in BARMM drops to 7.5% in February 2023

COTABATO CITY – Inflation rate across the Bangsamoro region decreased to 7.5 percent in the month of February 2023 compared to January 2023 inflation rate of 7.8 percent, the Philippine Statistics Authority (PSA-BARMM) reported on March 9.

Region VIII or Eastern Visayas Region remained to have the lowest inflation rate at 6.3 percent, followed by Cordillera Administrative Region (CAR) at second with 7.1 percent, and Region XII or SOCCSKSARGEN Region still with third lowest inflation rate at 7.4 percent,and the BARMM at fourth lowest inflation rate with 7.5 percent. Meanwhile, Region-6 or Western Visayas Region remained the highest inflation rate at 10.8 percent.

The headline inflation rate in the entire Philippines also dropped to 8.6 percent in February compared to the previous 8.7 percent in January 2023.

PSA RSSO-BARMM OIC-Regional Director Engr. Akan Tula stated that the increase in the region’s inflation was mainly brought about by the higher annual increase in the index for Restaurant and Accommodation Services at 12.3 percent, Housing, Water, Electricity, Gas, and Other Fuels at 4.7 percent, and Recreation, Sport, and Culture at 3.9 percent.

“Also contributing to the uptrend in the overall inflation during the period were the higher annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates are Personal Care, and Miscellaneous Goods and Services at 3.0 percent; Information and Communication at 1.7 percent,” Tula said.

“Annual upticks slowed down in the indices of Food and Non-Alcoholic Beverages at 9.1 percent and Transport at 3.0 percent,” he added.

He also stated that commodity groups that retained their previous month’s inflation rate include Alcoholic Beverages and Tobacco at 6.9 percent; Furnishing, Household Equipment, and Routine Maintenance of the House at 3.8 percent; Education Services at 3.7 percent; Clothing and Footwear at3.1 percent; Health,1.2 percent; and Financial Services at 0.0 percent.

Among the provinces in BARMM, Tawi-Tawi recorded the highest inflation rate at 10.9 percent, followed by Basilan at 9.5 percent, Lanao Del Sur at 9.4 percent, Maguindanao at 6.4 percent, and Sulu with the lowest inflation rate remained at 4.0 percent.

PSA’s report also mentioned that Cotabato City dropped its inflation rate to 6.6 percent this February 2023 compared to the 7.4 percent inflation rate in January 2023. (Kasan Usop, Jr./BIO)


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