MARAWI CITY—Philippine Statistics Authority (PSA) reported a decline in BARMM's inflation rate to 5.1 percent in July 2023, compared to the 6.0 percent rate in June.

PSA-BARMM OIC Regional Director Engr. Akan Tula attributed the drop in inflation to multiple factors, including reduced costs of food and non-food beverages, transport services, housing, water, electricity, gas, and other fuels.

“The continuous deceleration in the overall inflation rate in the BARMM during this period of July 2023 is, again, a good indicator not only of the region’s economic impact but also of our communities in the region because the purchasing power of money is becoming slightly higher,” Tula said.

He explained that people's money could now buy a bit more commodities than in previous months.

Among BARMM provinces, Lanao Del Sur exhibited the lowest inflation rate at 2.9 percent, followed by Sulu at 5.8 percent, Basilan at 4.6 percent, Tawi-Tawi at 4.1 percent, and Maguindanao at the highest with 7.0 percent.

The PSA-BARMM also noted a decrease in Cotabato City's inflation rate, measuring 4.3 percent in July 2023, down from 4.7 percent in June.

Meanwhile, the headline inflation rate across the country declined to 4.7 percent, compared to the 5.4 percent rate in June.

Across the country, Region 8, or Eastern Visayas boasted the lowest inflation rate at 2.4 percent, trailed by Cordillera Administrative Region (CAR) at 2.9 percent, and Region-IX or Zamboanga Peninsula at 3.0 percent. Meanwhile, Region 6, or Western Visayas, recorded the highest inflation rate at 5.8 percent. (BIO/PIA-10 Lanao del Sur)