By Brian Campued
Rice inflation recorded a notable decline in November, dropping to 5.1% from 9.6% in October, the Philippine Statistics Authority (PSA) said Thursday.
In a briefing, PSA Undersecretary and National Statistician Dennis Mapa said he sees an overall downward trend in rice inflation from January to November 2024 due to factors such as base effects.
“Ang aming expectation for December, for example, talagang pababa na ’yong inflation rate para sa bigas which is a good news for our households,” Mapa said.
According to data provided by the PSA, the average price of regular milled rice decreased to P49.24 per kilogram in November from P50.22/kg in October.
The average price of well-milled rice, likewise, declined to P54.64/kg from P55.22/kg, while special rice also went down to P63.72/kg from P63.97/kg in October.
In November, the headline inflation settled at 2.5%, a slight uptick from 2.3% recorded in October but lower from the 4.1% seen in November 2023.
This data brought the year-to-date average inflation to 3.3%, which is within the government’s 2%-4% target range.
The National Economic Development Authority (NEDA) stressed that government efforts to ease inflationary measures helped keep inflation within the target.
“Despite the strong typhoons our country faced in recent months, consumer prices have remained relatively stable. This demonstrates the resilience of our economy and the effectiveness of our policies,” said NEDA Secretary Arsenio Balisacan.
Balisacan said the government is also closely monitoring prices of commodities, given the successive typhoons in the past month, which affected food supply and logistics.
To further address rice prices, the Department of Agriculture (DA) will soon open the Kadiwa ng Pangulo’s Rice-for-All Program in select public markets in Metro Manila to provide affordable rice options for consumers and help curb high retail prices.=
“We are committed to maintaining price stability by ensuring inflation remains low and manageable. This will be supported by prudent monetary policies and strategic trade measures in the near term, as well as improved access to quality job opportunities and productivity-enhancing reforms in the medium term,” the NEDA chief said in a statement.
-iro