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Manila Bulletin devider Business devider El Niño sparks rise in rice prices in December

El Niño sparks rise in rice prices in December

Published Dec 19, 2023 06:49 am

At A Glance

  • The price of well-milled rice has increased by two pesos to P48.84 per kilogram in the first days of December amid the persisting El Niño phenomenon.<br>The Department of Agriculture said that crops such as rice and corn may be the most impacted during the drought, which is expected to last until the second quarter of 2024.<br>The government has already tariff cuts for rice maintained at 35 percent.<br>A kilogram of red onions, pork meat, and banana lakatan also experienced increases during the first days of the current month.<br>Meanwhile, tomato, galunggong, and refined sugar saw decreases. The price decline was heavily noted in a kilogram of tomato.

Amid the ongoing El Niño phenomenon, the prices of agricultural commodities, such as regular milled rice, posted an increase in the initial days of December.

Based on a survey by the Philippine Statistics Authority (PSA), the average retail price of a kilogram of well-milled rice rose to P48.84 between December 1 and 5, from P46.61 in the first phase of November.

It is also one peso higher than the P47.42 average price during the last days of November.

The Department of Agriculture earlier said that crops such as rice and corn may be the most impacted during the drought caused by El Niño, which was seen to become stronger next year.

Meanwhile, the Marcos administration has extended the reduction of tariffs for rice, which ensures its adequate supply and stable price.

The rice’s tariff rate was maintained at 35 percent for both shipments within the minimum access volume (MAV) quota and for those exceeding the quota.

Further, a kilogram of red onions, which was priced at P181.3 during the first phase of November, increased by P25 to P206.85 in the first days of December. During November’s last days, it had an average price of P192.18.

A kilogram of pork meat swelled to P290.91 during the period. This was higher compared to P287.62 and P288.72 recorded during the first and second phases of November, respectively.

Likewise, banana lakatan noted an average retail price of P83.47 per kilogram during the period, higher than the PhP 81.03 recorded in the first phase of November and P81.77 recorded in the second phase.

On the other hand, tomato, galunggong, and refined sugar all saw decreases during the period. It was notably seen in tomato whose average retail price was brought down from hundreds to P89.69 per kilogram.

Related Tags

Philippine Statistics Authority Rice tariff El Nino Rice prices
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