BARMM sustains record for lowest inflation rate in October; ties with Region 12
Economic News • 09:00 AM Thu Nov 10, 2022
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By:
Kasan Usop, Jr./BIO
COTABATO CITY—Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) maintained its record as the region with the lowest inflation rate nationwide at 6.5 percent, according to Philippine Statistics Authority (PSA).
BARMM tied with Region XII or SOCCSKSARGEN with the same rating for October 2022.
To recall, BARMM's inflation rate in the previous month of September 2022 was recorded at 6.0 percent with a slight 0.5 percent increase in October.
Cordillera Administrative Region (CAR) recorded the second lowest inflation rate at 6.6 percent and Region IV-A or CALABARZON was the third region with the lowest inflation rate at 6.9 percent while Region-XI or Davao Region got the highest inflation rate at 9.6 percent.
The headline inflation rate in the entire Philippines slightly rose to 0.9 percent at 7.7 percent from 6.9 percent compared to the previous month of September 2022.
"The fast acceleration of inflation rate in the Bangsamoro region was primarily due to the contribution of food and non-alcoholic beverages at 8.4 percent; housing, water, electricity, gas and other fuels at 3.4 percent; and restaurants and accommodation services at 6.4 percent," said Director Engr. Akan Sula, PSA-BARMM Officer-in-Charge.
Among the provinces in BARMM, Lanao Del Sur recorded the highest inflation rate at 9.4 percent followed by Basilan at 7.0 percent, Sulu at 6.4 percent, Tawi-Tawi at 5.3 percent, and Maguindanao with the lowest inflation rate at 4.6 percent in this month.
Meanwhile, Cotabato City has maintained its record with the lowest inflation rate in the entire Bangsamoro area at 3.6 percent.