Efforts to rein in prices of rice are paying off, made evident in the rice inflation rate of minus 2.3 percent in January 2025, the Department of Agriculture (DA) said.
Citing data from the Philippine Statistics Authority (PSA), the DA said this helped keep a lid on overall inflation rate (all goods and services) at 2.9 percent for the month.
The low inflation rate may persist until July, based on current price trends, DA Secretary Francisco Tiu Laurel Jr. said.
“This is welcome news. It clearly shows that the efforts of President Bongbong Marcos, particularly the sharp tariff reduction last year, are steps in the right direction,” Laurel said.
Last year, the president cut rice import tariffs from 35 percent to 15 percent and directed the DA to sell affordable rice through programs under Kadiwa rolling stores to ease price pressures.
These efforts, the DA said, included the lowering of the maximum suggested retail price for imported rice at P55 per kg from P58 per kg and the declaration of food security emergency on rice in the country.
The food security emergency status enables the National Food Authority to release rice stock that will be sold at P35 per kg through government entities and help keep rice prices steady.
Rice accounts for 9 percent of the average consumer basket, the DA said.
The agency said it is also looking at prices of other food items, particularly pork, to arrest increases that could undermine the inflation outlook and food security.
Based on the DA’s monitoring of public markets in the National Capital Region, local well-milled rice sold for P42 to P52 per kg on Wednesday while regular milled rice went for P37 to P46 per kg.
Imported well-milled rice was selling for P44 to P45 per kg while the price of imported regular milled rice ranged from P38 to P46 per kg.
Special variety of imported rice fetched P52 to P60 and premium rice, P50 to P58.
Special variety local rice was selling for P55 to P63 per kg while premium rice went for P45 to P58 per kg.
