DA: Rice prices up 36% in a year
MANILA, Philippines — A 36 percent spike in the retail price of rice was recorded on March 1, 2024 compared to the same period last year, according to data from the Department of Agriculture (DA).
Based on price watch monitoring of the DA in Metro Manila markets, the retail price of local regular milled rice went up by as high as P18 per kilo or 36 percent. The retail price of the staple on March 1, 2023 ranged between P32 and P40 per kilo compared to the P50 per kilo on March 1, 2024.
On the other hand, the retail price of local well-milled rice increased by 22 percent or as high as P13 per kilo as the cost on March 1, 2023 ranged between P37 and P45 compared to the prevailing price of P45 to P58 on March 1, 2024.
Meanwhile, the retail price of local premium rice also increased by 20 percent or as much as P12 per kilo as the retail price on March 1, 2023 ranged between P42 and P49 per kilo, compared to P50 and P61 per kilo on March 4, 2024.
The retail price of local special rice also increased by eight percent or P5 per kilo as the retail price last year ranged between P48 and P60 compared to P56 to P65 this year.
The Philippine Statistics Authority has reported that rice inflation in February 2024 reached 23.7 percent compared to February last year.
Watchdog group Bantay Bigas spokesperson Cathy Estavillo said the retail price of the staple is expected to further increase despite the expected palay harvest this March.
“That’s what (decline in the retail prices of rice) they promised in September when they lifted the price ceiling of P41 and P45 per kilo (for regular and well-milled rice, respectively). They claimed that prices of rice will stabilize with the harvest from October, November and December,” Estavillo said.
President Marcos was forced to issue an executive order imposing price ceiling of P41 and P45 per kilo for regular and well-milled rice which took effect on Sept. 5, 2023 amid the sudden spike in prices of the staple food due to tightness in supply.
Marcos lifted the price cap on Oct. 4, 2023, almost a month after its implementation.
“What happened during that period, the retail price of rice was the highest in the last 14 years,” Estavillo
