Rice inflation decelerated to 14.7% in August — Philippines Statistics Authority
In August, rice inflation in the Philippines slowed to 14.7%, down from 20.9% in July, marking the slowest rate since October 2023. The decline is attributed to base effects and reduced import levies following President Ferdinand Marcos Jr.’s Executive Order No. 62. Prices for regular, well-milled, and special rice showed slight decreases, with expectations for further reductions in September. Headline inflation also eased to 3.3% last month.
The rice inflation in the country slowed in August, according to the Philippines Statistics Authority (PSA) on Thursday.
In a virtual briefing, PSA chief and National Statistician Claire Dennis Mapa said rice inflation last month was recorded at 14.7 percent, slower than the 20.9 percent rate in July. Thus, making it the slowest inflation since October 2023, recorded at 13.2 percent.
Mapa attributed the slower inflation rate to staple grain’s base effects and the lower import levy taking effect.
In June, President Ferdinand Marcos Jr. issued Executive Order No. 62 directing the modification of nomenclature and tariff rates on various products to ensure the continuous supply of goods and protect the Filipino people’s purchasing power. Duty rates under the order for imported rice are expected to decrease by P6 to P7.
The statistics bureau further monitored movements in average prices of three sub-rice groups: regular-milled, well-milled, and special rice.
For regular milled rice, the average price last month was P50.66 per kilo from P50.90 per kilo in July. In August 2023, it was registered at P43.29 per kilo.
For well-milled rice, it was registered at P55.56 per kilo last month, slightly lower compared to P55.85. In the same month last year, its average price was P47.65.
For special rice, the average price last month was P64.08 per kilo, down slightly from P64.42 per kilo in July. In August 2023, the average price was P56.24 per kilo.
“This month of September, it will further go down to single-digit,” Mapa said.
The country’s headline inflation rate last month was registered at 3.3 percent, slower than the 4.4 percent rate recorded in July.
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Source Link : https://tribune.net.ph/2024/09/05/rice-inflation-decelerated-to-147-in-august-psa
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