The Philippine Statistics Authority reported a slow growth in rice inflation between April and May 2024, as well as a slight decrease in its retail prices.
Workers are unloading truck load of rice at the warehouse of the National Food Authority in suburban Manila on October 7, 4014.MANILA, Philippines — The Philippine Statistics Authority reported a slow growth in rice inflation between April and May 2024, as well as a slight decrease in its retail prices.
Despite rice's sustained inflationary trend, Mapa noted a decline in the average world price of rice, particularly in countries like Thailand and Vietnam, which in turn impacts retail prices in the Philippines. According to the Department of Agriculture price watch, the well-milled rice sold in public markets during the last day of May stood at P48 to P55 per kilo, while regular milled rice was priced around P45 to P52 per kilo.
NEDA Secretary Arsenio Balisacan explained that lowering tariff rates from 35% to 15% would improve accessibility and affordability of commodities, particularly rice, and alleviate price pressures.“'Pag bumaba ang presyo ng bigas due to tariff, bababa ang price and inflation which would trigger a reduction in inflation moving forward. ,” Balisacan said.
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