Tag: rice

Inflation in the Philippines could ease further in April, following a drop to 1.8 percent in March—the slowest pace since May 2020—if rice prices continue to decline in the latter half of the month.

The country's rice stocks inventory was estimated at 1.61 million metric tons at the start of March, an 18 percent increase from the 1.37 million metric tons recorded in the same period last year.

Philippine inflation decelerated to 1.8 percent in March, its slowest pace since the 1.6 percent registered in May 2020 when the economic activities was challenged by the COVID-19 pandemic-related lockdowns. This decline, down from 2.1 percent in February, was largely driven by lower food prices, particularly rice, which saw a significant annual decrease. 

The total volume of rice the Philippines will import in the first quarter is likely to be significantly lower compared to the same period in 2024, as local farmers begin the harvest season and traders hold off on imports, awaiting further softening of global prices.

Lower food prices in February contributed to a drop in inflation to 2.1 percent for the month. This was slower than both central bank and market forecasts, and marked a significant decline from 2.9 percent in January.