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MANILA, Philippines – Rice, the staple that feeds millions of households in the Philippines, is nearing an all-time high inflation rate that may soon be breached as rice prices are expected to go up “strongly” until the middle of 2024. “The expectation is it will actually increase strongly until July because of base effect unless there is really some intervention,” Mapa said in a press conference on Friday, April 5. “Rice inflation could slow down a little by August, but Mapa noted that the figure may still be in the double digits.Regular milled – P51.11 vs P39.90Aside from the year-on-year increases, rice also got more expensive in March compared to February:Special rice – P64.75 vs P64.
Some farms with no access to irrigation are also worried about the effect that El Niño could have on the production of their farms.s ,” he added. “We will be seeing the impact of this in the second quarter.”