Metro Manila (CNN Philippines, October 5) — The country’s rice inflation skyrocketed to 17.9% in September, the fastest increase in more than a decade, despite the price ceiling imposed by President Ferdinand Marcos Jr.
Last month’s rice inflation was a 14-year high since the Philippines clocked in 22.9% in March 2009, National Statistician Dennis Mapa said in a briefing on Thursday.Reporting the September inflation data, the official noted that one of the main contributors to the faster rate was food and non-alcoholic beverages, such as rice, which holds the biggest weight among commodity items.
READ: PH inflation quickens anew to 6.1% in September
This development came despite the government’s implementation of a price ceiling on Sept. 5, lasting for almost a month.
In an attempt to tame elevated rice prices, Marcos ordered the price cap, forcing retailers to sell regular milled rice and well-milled rice for ₱41 and ₱45 per kilogram, respectively.Asked if the move was not effective, Mapa said they recorded “mixed” reactions.There are areas wherein the average was followed, in certain areas medyo mixed kaya tumataas ang average prices,” he said.He added that more retailers complied during the second phase of the September study.However, compliance figures were low.Mapa said out of 2,601 monitored regular milled rice products, only 640 fell within the ₱41 per kilogram price cap.For well-milled rice, only 20% or 687 out of 3,498 items monitored were within the ₱45 per kilogram.Nationwide, the official said the average price for regular milled was ₱47.50 a kilo, while ₱52.70 for well-milled rice.
Amid the rice situation, the performance rating of Marcos also suffered a double-digit decline last month, according to the latest Pulse Asia survey.
The president said the news was “not surprising” as people were having a hard time.
READ: Marcos ‘not surprised’ by drop in approval ratings
