Inflation rate in BARMM down by 1%

Map of the Bangsamoro Autonomous Region in Muslim Mindanao in relation to Mindanao. BARMM comprises the provinces of Maguindanao del Norte, Maguindanao del Sur and Lanao del Sur in the mainland and the island provinces of Basilan, Sulu and Tawi-tawi, the cities of Marawi, Lamitan and Cotabato and 63 villages in six North Cotabato towns that voted for inclusion in the BARMM in February 2019. Map courtesy of the BARMM website.

COTABATO CITY (MindaNews / 11 May) — Inflation rate in the Bangsamoro Autonomous Region in Muslim Mindanao decreased from 7.8% in March to 6.7% in April, the Philippine Statistics Authority (PSA-BARMM) said in a report released Wednesday.

“At some point, this deceleration of the inflation rate in BARMM can be considered as one of the indicators that the region’s economy is going stable,” Engr. Akan Tula, PSA-BARMM Officer-in-Charge Regional Director, said.

Tula said that among the factors contributing to the lower inflation rate in the region were the reduced costs of food and non-alcoholic beverages, transport, housing, water, electricity, gas, and other fuels.

BARMM ranked  fifth among the regions outside the National Capital Region in terms of decrease in inflation rate for April 2023.But its inflation for the same month is the sixth highest among the 16 regions in the country.

Tawi-Tawi province  recorded the highest inflation rate in the region at 10.8 percent, followed by Basilan at 9.4 percent, and Sulu at 6.6 percent.

The combined inflation rate in Maguindanao Norte and Maguindanao del Sur stood at 6.1 percent, and in Lanao del Sur at 5.4 percent, both showing a decrease.

In Cotabato City which is now part of BARMM, the inflation rate decreased from 5.5 percent in March to 4.9 percent in April.

The inflation rate in the entire country decreased from 7.6 percent in March to 6.6 percent this month.

Bangsamoro Chief Minister Ahod Murad Ebrahim said the numbers were a good sign for the region’s economy.

“With our cooperation, surely we are making our region’s economy on the top and we had seen it lately from the statistics,” Ebrahim in his inspirational message last week at the Iranun Corridor, an initiative by the five Iranun mayors of Maguindanao del Norte to push for peace, security and environmental protection in their towns. (Ferdinandh Cabrera/MindaNews)