Rice prices may continue to ease inflationary pressure this July, even as the cost of other key food items rises with the onset of the rainy season, according to preliminary data from the Philippine Statistics Authority (PSA).
Food items account for 39 percent of the consumer basket used by the PSA to compute the Consumer Price Index (CPI), the country’s primary measure of inflation.
The PSA price survey for the first half of July revealed significant year-on-year increases in most food commodities, including pork, chicken, eggs, and fish. Pork liempo rose by 11 percent to P395.50 per kilo, while chicken prices climbed 10 percent to P219.19 per kilo. Bangus increased by 8.9 percent to P225.53 per kilo, galunggong was up 10 percent to P216.01, and tilapia rose 9.2 percent to P180.63 per kilo. Medium-sized eggs were also more expensive, selling at P9.32 each, up 9.9 percent from a year ago.
Despite these increases, rice—which carries the heaviest weight among food items at around 9 percentage points—remained on a downward trend. The sustained drop in rice prices is largely attributed to strong government intervention, ample domestic supply, and softening global prices.
In the first half of July, the price of well-milled rice averaged P41.51 per kilo, a sharp 19 percent decline from the same period last year.
Meanwhile, refined sugar prices also fell slightly, with the national average at P84.96 per kilo, down 1.8 percent from a year ago, due to a record sugarcane harvest.
The PSA is scheduled to conduct a second round of its monthly price survey in the latter half of July. Final inflation figures for the month will be released on August 5.
—0—
