ONE of the reasons for the accelerated inflation in March 2024 is the high price of rice. According to the Philippine Statistics Authority (PSA), rice prices are expected to continue rising until July.
Jane, a small business owner, reduced the number of dishes she sells in her eatery.
From twenty-five dishes, she now only cooks eighteen.
She is struggling with the rising prices of ingredients such as vegetables and meat.
To recover her capital and make some profit, Jane also reduced the serving size of her dishes.
“The budget can’t afford it. The goods are expensive. Even Transcom is expensive. Good thing I have my own car, so I don’t have to pay for a fare. You budget everything, even the paper plates and spoons,” said Jane Braga, Eatery Owner.
According to the Philippine Statistics Authority, inflation, or the increase in prices of goods and services in the country, accelerated in March 2024 to 3.7% compared to February.
The primary reasons for the higher inflation in the said month were the increase in food prices such as onions, pork, and rice.
The increasing prices of gasoline, and tricycle fares, also contributed to the inflationary pressure.
Rice prices in Philippines continue to rise —PSA
Based on PSA monitoring in March, rice prices continue to increase, from regular to well-milled to special varieties, compared to the same month in 2023.
The agency also recorded a rice inflation of 24.4%— the highest since February 2009, which was at 24.6% at that time.
“What we’re seeing here, I mentioned since this commodity started increasing in prices and inflation. Our expectation is that it will continue to rise until July,” Usec. Dennis Mapa, National Statistician stated.
Some of the reasons cited by the PSA for the continuous rise in rice prices include its increasing cost in the global market and the rising price of palay.
“What we’re really seeing here is the world price. Because the price of rice in the world market is continuously rising. So, the supply in the world market is somewhat tight, and this creates an impact on our local rice prices,” Mapa added.
Majority of Filipinos want Pres. Marcos Jr. to address high cost of living—survey
Majority of Filipinos are urging the Marcos administration to prioritize finding solutions to the high cost of living before addressing other issues such as conflicts in the South China Sea.
“More people need food because you know rice is the staple food of Filipinos, right? They should prioritize food, especially rice,” said Teddy Jacinto, Delivery Rider.
“First and foremost, their attention should really be focused on rice prices. It’s difficult to buy it because it’s expensive. It’s hard, especially for those who don’t have jobs. They can’t afford to buy it. It would be better if [the government] prioritize our food first.”
“Yes, other issues can come later because Filipinos are more important. Our food is what allows us to function,” Patricia, Employee said.
“Many are suffering. Instead of easing the hardship, it’s becoming harder for Filipinos. The burden increases. The children are pitiful,” Roel Gulok, Security Guard said.
Based on the results of the PAHAYAG Survey conducted by Publicus Asia in the first quarter of 2024, the majority of Filipinos want President Bongbong Marcos Jr. to focus on addressing the high cost of living, inflation, and corruption.
Marcos Jr. had promised during the campaign period to set the price of rice at P20 per kilo.
