June 16 - 30 , 2018 PHILIPPINE ASIAN NEWS TODAY BUSINESS NEWS 13
Rice prices continue to soar
Delayed distribution of more affordable NFA rice partly causes unabated increase
Rice prices have continued to increase , due in part to the delayed distribution of imported cheap rice by the National Food Authority .
According to the Philippine Statistics Authority ’ s monitoring report on last week prices , regular-milled and well-milled rice are selling at P40.44 and P44.13 a kilo , respectively .
Compared to the same period last year , both have risen by 7.18 percent and 5.55 percent , respectively , said the PSA report released yesterday .
This was the 23rd straight week that rice prices have increased , according to the PSA .
In a phone interview , NFA spokesperson Rex Estoperez said retail prices of rice would likely continue to rise until there is enough cheap rice in the market .
The elevated prices of rice have contributed to the acceleration of inflation , which hit 4.5 percent yearon-year in April , the fastest pace in more than five years .
The NFA expects , however , rice prices to go down by at least P1 to P2 a
kilo once the imported rice shipments are distributed nationwide .
Based on the NFA ’ s original time frame , rice imports should have been distributed across the country by now , in a bid to stem the unabated increase in rice prices .
The NFA said , however , that its distribution operations had been delayed by bad weather and port congestion issues .
The subsidized rice is expected to improve the plight of less affluent consumers who have been suffering from rising prices of basic commodities such as rice .
NFA rice variants are priced at just P27 to P32 a kilo , depending on the quality , and are consumed by some 10 million Filipinos .
Another 250,000 metric tons ( MT ) of rice are expected to arrive from Thailand and Vietnam by July and August in preparation for the country ’ s lean months .
The period usually runs from July to September when there is hardly any local harvest . ●
- K . R Ocampo , Inq .
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