The cost of rice in the country went up despite the inflation rate easing to 4.1 percent, the lowest reading in 20 months since March a year ago.

The inflation record during the month was significantly lower than the 8 percent in the same period last year, and 4.9 percent in October 2023.

However, the cost of rice, which shares a significant contribution to the food inflation rate, still increased to 15.8 percent from 13.2 percent in October.

In September, rice inflation hit a 14-year high of 17.9 percent despite the price cap on rice for nearly a month.

National Statistician Claire Dennis S. Mapa said that this could be attributed to the hike in rice prices in the first two weeks of November.

All three sub-groups of rice increased in November, such as the regular-milled rice which had an average price of P46.73 per kilogram, from 45.42 in October; well-milled rice to P52 from P51 per kilogram; and special rice to P61.47 from P60.95 per kilogram.

Eggs also saw an increase in inflation rate to 7.6 percent from 7.5 percent. This has been rising from the last quarter of 2021.

Maps said that the average price of eggs was P7.10 during Q4 in 2021, P7.50 in 2022, P8.50 in 2023.

“Although yung incremental increase kasi ay hindi ganun kalaki, plus yung weight sa inflation basket ay one percent lang kaya hindi ganun kalaki ang effect niya,” he noted.

However, the increase in rice inflation was offset by annual drops in vegetables, tubers, plantains, cooking bananas and pulses to 2.0 percent from 11.9 percent; fish and other seafood to 4.9 percent from 5.6 percent; and sugar, confectionery and desserts to 1.5 percent from 4.9 percent.

Further, non-food inflation also dropped further to 2.9 percent from 3.4 percent in October, resulting from deflation in transportation (-0.8 percent from 1.0 percent) and slower inflation in restaurant and accommodation services (5.6 percent from 6.3 percent).

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said that the government needs to continue monitoring the inflation situation in the face of pressures coming from geopolitical tensions and extreme weather situations.

Balisacan revealed that the the Inter-Agency Committee on Inflation and Market Outlook has proposed to maintain the lower tariff rates on rice, corn and swine meat to ensure sufficient supply and stable prices of rice.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) has projected a strong El Niño to intensify in the coming months until the second quarter of 2024, which could disrupt food production.

“With the right interventions in place, including the proper and timely deployment of trade policy, we are confident that we can effectively manage inflation and prevent unnecessary upticks in prices of goods and commodities to safeguard the purchasing power of Filipino families, especially those from the most vulnerable sectors,” he said.