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Thursday, April 18, 2024

BARMM ends 2022 with6.3-percent inflation rate

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DAVAO CITY—The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) maintained its growth momentum since its first transition year in 2019, posting the lowest inflation rate record in the Philippines at 6.3 percent at the end of the year, the regional government said, citing a report by the Philippine Statistics Authority (PSA).

Edward Donald Eloja, chief statistical specialist and the acting head of the PSA-BARMM said the PSA report that was released on Tuesday showed the region’s inflation rate at 6.3 percent as of December last year.

While it was the country’s lowest by region, Eloja noted that it was slightly high compared to the 6 percent the BARMM registered during the previous month of November.

He said both Region 12, or Soccsksargen and Region 4A or Calabarzon, logged the second lowest inflation rate at 7.1 percent and Region 5 or Bicol Region posted the third lowest inflation rate at 7.2 percent.

Region 6 or Western Visayas got the highest inflation rate at 10.5 percent.

“The slight increase of an inflation rate at 0.3 percent in December compared to the previous month in the Bangsamoro region was primarily due to the increase in growths in the indices of two commodity groups such as food and non-alcoholic beverages at 8.5 percent in December compared to 7.6 percent in November; and housing, water, electricity, gas, and other fuels at 3.2 percent compared to 2.9 percent in November,” Eloja said.

“BARMM has recorded an average inflation rate of 4.1 percent in the entire year of 2022 while 1.9 percent average inflation rate compared in the year 2021,” he added.

Among the provinces in BARMM, Lanao del Sur recorded the highest inflation rate in December at 8.7 percent followed by Tawi-Tawi at 7.3 percent, Basilan at 6.6 percent, Sulu at 5.4 percent and Maguindanao at 4.8 percent.

The PSA-BARMM also said Cotabato City, the seat of BARMM government, slightly climbed its inflation rate to 5.3 percent in December compared to the 4.2-percent inflation rate in the previous month of November.

The headline inflation rate in the entire Philippines slightly rose to 8.1 percent in December last year from 8.0 percent compared to the previous month of November 2022, he added.

The BARMM information office cited Bangko Sentral ng Pilipinas (BSP) Senior Research Specialist Zarinah Aligsao as saying “the increase in inflation rate was primarily due to external factors, including the war in Ukraine and internal factors due to high demand of commodities because of the Yuletide Season.”

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