Rice Inflation in the Philippines Expected to Peak by July

The Philippine Statistics Authority (PSA) has issued a warning that the rising cost of rice, a fundamental dietary staple, is likely to continue escalating until July 2024. PSA chief Claire Dennis Mapa indicated a sharp rise in rice inflation to 24.4% in March, the highest rate in 15 years, attributing the trend to a low base effect from the previous year.

The PSA anticipates that rice prices will remain on an upward trajectory through July, with potential market interventions as the only foreseeable factor that could temper this inflation. Price increases have been particularly pronounced across various rice categories, with notable year-on-year price jumps observed.

Government agencies, including the National Economic and Development Authority (NEDA) and the Department of Environment and Natural Resources, are actively monitoring these trends and implementing measures to support farmers and ensure stable food and water supplies amidst these inflationary pressures.

With the government’s vigilant approach to managing these economic challenges, efforts are underway to mitigate the impact on consumers and stabilize the market as the year progresses.