The Department of Finance (DOF) noted a slowdown in rice inflation for April, ending a streak of six months of acceleration, largely driven by the falling global price of this essential food item.

Despite rice continuing to be the main contributor to headline inflation with 2.1 percentage points, the rate of price growth for rice eased for the first time since October last year to 23.9 percent in April from 24.4 percent in the previous month.

In particular, the DOF noted a reduction in prices for well-milled rice, which now stands at P56.42 per kilo compared to the previous price of P56.93.

Likewise, special rice, priced at P64.68 was down from the previous month’s P64.79.

“The easing of rice inflation in the local market was mainly due to a gradual decline in the world price of rice during February and March of 2024,” the DOF said.

Rice is a major food for more than half of the global population and a staple for 80 percent to 85 percent of Filipinos. 

In Filipino households with lower incomes, rice is not just a staple food item but also the primary source of calories for many families.

Over the years, the Philippines has solidified its position as a major player in the global rice import market, currently holding the top spot as the world's largest importer of rice.

In response to soaring rice prices, the Marcos administration is exploring revisions to a recent law that restricted the government from intervening in the domestic rice market. 

President Marcos announced on Monday his intention to prioritize the amendment of Republic Act (RA) 11203, commonly known as the Rice Tariffication Law (RTL), to grant the government the authority to address the issue of high rice prices. 

The proposed changes are aimed at empowering the government to take action to lower the market price of rice. 

Congress is currently deliberating on reinstating the National Food Authority's (NFA) ability to purchase and sell rice at prices below those set by commercial retailers, with an emphasis on giving preference to locally-produced rice over imports. 

The RTL, which became law in 2019, removed the NFA's power in this area and eliminated quantitative restrictions on rice imports, enabling private rice traders to freely import any quantity of rice.