MARAWI CITY—The Bangsamoro region showed good economic performance in May as it ranked the 6th lowest among all regions in the Philippines with a notable inflation rate of 6.1 percent. 

This figure marks a significant drop from April's 6.7 percent, as reported by the Philippine Statistics Authority (PSA-BARMM).

The Cordillera Administrative Region (CAR) claimed the top spot with the lowest inflation rate of 3.9 percent, followed by the Eastern Visayas Region (Region-VIII) at 4.2 percent, and the Cagayan Valley (Region II) at 4.4 percent. The MIMAROPA Region recorded a slightly higher rate at 7.2 percent.

Notably, the entire country witnessed a decline in headline inflation, settling at 6.1 percent for May 2023, compared to the previous month's figure of 6.6 percent.

PSA RSSO-BARMM OIC-Regional Director, Engr. Akan Tula, attributed the region's inflation increase to the higher annual rise in the index for Alcoholic Beverages and Tobacco at 9.5 percent; Housing, Water, Electricity, Gas, and Other Fuels at 3.6 percent; and Furnishing, Household equipment, routine and maintenance of the house at 4.1 percent.

“The downtrend in the overall inflation during the period of May 2023 was the lower monthly indices of the following commodity groups as compared with their previous month’s inflation rates are Food and Non-Alcoholic Beverages at 7.6 percent; Clothing, and Footwear at 3.1 percent; and Transport at 2.8 percent,” Tula said.

Among the provinces in BARMM, Tawi-Tawi recorded the highest inflation rate at 8.4 percent, followed by Basilan at 7.0 percent, Maguindanao at 6.5 percent, Sulu at 5.9 percent, and Lanao Del Sur with the lowest inflation rate at 4.6 percent.

The report also highlighted the commendable achievement of Cotabato City, as it significantly reduced its inflation rate to 4.3 percent in May 2023, compared to April 2023's rate of 4.9 percent. (BIO/PIA Lanao del Sur)