DAVAO CITY–The Philippine Statistics Authority (PSA) in the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) reported that inflation in the region dropped more than one percentage point compared to its previous month high of 6.4 percent.
According to the PSA, inflation rate in the Barmm dropped to 5.5 percent in the month of October after peaking at a high of 7.8 percent in March.
The PSA data revealed that Cagayan Valley or Region 2 posted the lowest inflation rate at 3.4 percent, followed by Ilocos Region or Region 1 at 3.7 percent, and Region-8 or Eastern Visayas Region at 4.0 percent. The Mimaropa Region has the highest inflation rate at 5.9 percent.
The headline inflation rate in the entire Philippines also dropped to 4.9 percent in October compared to the previous month’s 6.1 percent.
PSA-Barmm Chief Statistical Specialist Edward Donald F. Eloja said the easing of inflation in the Barmm was mainly brought about by the deceleration or lower costs in food and non-alcoholic beverages items, in housing, water, electricity, gas, and other fuels; alcoholic beverages and tobacco.
“The drop of inflation rate in Barmm can be equated to the stability of the value of peso and price of our commodities in the region,” Eloja said.
“As we observed, the ongoing war between Russia and Ukraine has a great impact globally due to restrictions on fossil fuel supplies in the world market compared to the current war between Israel and Hamas,” he added.
Eloja said the Israel-Hamas conflict has been restricted to Gaza and has not yet escalated to a point that would include oil-rich countries in the Middle East like Saudi Arabia, Egypt and Qatar.
However, the lower inflation rate in the Barmm could not benefit the entire region as some of its provinces reeled heavily from prevailing high prices. Two Maguindanao provinces 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 as the lowest inflation rate at -1.6 percent.
The regional capital of Cotabato City also posted lower inflation rate, which has decreased to 4.8 percent in October compared to the 7.2 percent inflation rate in the previous month.