Inflation of Rice in the Philippines

One of the current problems the Philippines is dealing with is inflation. According
to OECD Data, inflation measured by consumer price index (CPI) is defined as the
change in the prices of a basket of goods and services that are typically purchased
by specific groups of households. It is the continuous rise in price of products and
services.

One of the products affected by inflation in the Philippines is the rice. The
continuous increase in its price has been felt in the country and has greatly
affected the lives of the citizens. As of September 1, 2023, local well-milled rice
price ranges between P47-P57 per kilo, while the price of local regular milled rice
ranges between P42-P55 per kilo based on the monitoring of the DA.

The Department of Agriculture explained that the increase in rice prices is related
to the higher cost of fuel and fertilizer. The war in Ukraine and India’s ban on rice
exports and volatile oil prices are also seen as factors of the inflation in rice.

Most Filipinos find the ongoing increase in rice prices difficult because rice already
became their main food. It might also be a factor in every Filipino’s income
decline as well as the increase in prices for other goods and services.