The prices of rice at the Mandaue City Public Market have decreased by P1 to P5 per kilo, depending on the brand. Additionally, the price of corn rice has dropped by as much as P15. Rice vendors noted that the price reduction began last week, as suppliers also lowered their prices. | via Mary Rose Sagarino
CEBU CITY, Philippines — The regional inflation rate for Central Visayas for January 2025 was 0.4 percent down compared to the previous month’s record.
According to the data presented by Peter Enfestan, statistical specialist at the Philippine Statistics Authority (PSA-7), on Wednesday, January 2025’s inflation rate was 2.5 percent. In December 2024, it was 2.9 percent.
The downtrend was primarily brought about by the slower annual increment of housing, water, electricity, gas and other fuels at 2.6 percent in January 2025 from 3.9 percent in December 2024.
Also contributing to the downtrend was the index of transport with a slower annual increment of 3.2 percent during the month from 5.6 percent in December 2024.
The major contributors to January’s inflation rate were food and non-alcoholic beverages with 43.9 percent share, housing, water, electricity, gas and other fuels with 24.3 percent share; and transport with 11.9 percent share.
Meanwhile, the year-on-year declines during the month were noted in the indices of the following food groups:
- Rice at -2.9 percent from 0.7 percent;
- Milk, other dairy products and eggs at -1.0 percent from 1.5 percent; and
- Oils and fats at -0.3 percent from 0.0 percent.
Last January 20, the Department of Agriculture implemented the maximum suggested retail price (MSRP) for imported rice which was at P58 per kilo.
In Central Visayas, while several public markets have complied with the price cap including some in Siquijor, there were also some that exceeded by P1 to P7, according to DA-7’s January 20-24 price watch on Facebook.
In Cebu, the highest price of imported rice was P59 per kilo at Carbon Public Market, there was also P60 per kilo in Tabunok Public Market.
The highest price for imported rice in Dao Public Market in Bohol was P59 per kilo; in Dumaguete City, P65 per kilo; and in Larena Public Market, P62.50 per kilo.
READ: Cebu’s December inflation climbs to 3.5%
Elvin Milleza, representative from DA-7, said in a virtual interview during the press conference on Wednesday, noted the downtrend of the inflation rate for the price of rice between December and January.
Milleza attributed this decrease to the impact of DA’s price cap on rice.
“Actually, the Secretary of DA, through a meeting with the National Price Coordinating Council, has recommended to set the suggested retail price. Actually, it’s lowering down, from P58 to P55 per kilo for imported rice. That is why we are seeing a decrease ang average market price for rice and it is expected nga mo reduce pa gyud ni siya in the coming months,” Milleza said.
Enfestan said that the lowest recorded inflation rate for rice was -14.5 percent in October 2019, while the highest was in September 1995 at 30.2 percent.
“We are hoping that the rice inflation will be mobaba pa gyud siya, or mobaba pa ang presyo sa rice because of the program sa DA,” Enfestan said.
(We are hoping that the rice inflation will be going down further, or the price of rice will decrease because of the program of DA.)
As of this date, the “average” rice price in the region recorded by PSA-7 is P56.20 per kilo, Enfestan added.
Inflation refers to the rate at which prices increase over a given period, indicating a decrease in the peso’s purchasing power.