Food and non-alcoholic beverages seen as the top contributor to the increased 3.4 percent in the country's inflation as of February, the Department of Agriculture said that this situation is not alarming.

“Tama iyon na tumaas iyong inflation natin by 3.4 percent ngayong February at malaki actually ang contribution ng food inflation – [69.5] percent. Pero hindi naman po ito nakakaalarma dahil kung titingnan natin, i-analyze natin iyong data – mababa iyong base data ng bigas noong nakalipas na taon, ng 2023, at magbabago iyan by August and September,” said DA spokesperson Asec. Arnel de Mesa, adding that currently, the prices of rice have started to decrease.

(That's right, our inflation increased by 3.4 percent this February, and the contribution of food inflation is actually big - 56.1 percent. But this is not alarming because if we look at it, let's analyze your data—the rice base data was low last year, in 2023, and that will change by August and September.)

He said that the prevailing price of well-milled and regular-milled rice in January and February stood at P52 or P53, but in the last part of February to the present, it went down to P49 to P50, which goes the same for the local well-milled and regular-milled rice, as well as the imported variant.

“Inaasahan din natin na lalo pa itong bababa dahil ngayong March, nagsimula na iyong harvest natin ng palay at magpi-peak ito March/April at ini-expect natin na bababa pa lalo iyong farmgate price ng palay which in turn ay magda-drive ng pagbaba ng presyo ng bigas sa ating mga pamilihan sa mga susunod na araw at linggo,” said De Mesa.

(We also expect that it will decrease even more because this March, our rice harvest has started, and it will peak in March or April, and we expect that the farmgate price of rice will decrease even more, which in turn will drive the decrease of the price of rice in our markets in the next days and weeks.)

According to the DA official, their latest reports show that the farmgate price of rice at present is P25 to P26, noting that the NFA purchase of dry rice is P19 to P23.

“So kung kunin natin iyong average, say 22; normally ang rule of thumb, times two iyan – iyan dapat ang magiging presyo ng bigas sa pamilihan. So, inaasahan natin na bababa pa iyong presyo ng bigas sa mga susunod na araw dahil bababa nga iyong farmgate price dahil marami na tayong aanihin ngayong buwan ng Marso at Abril,” he said.

(So if we take your average, say 22; normally the rule of thumb is times two - that should be the price of rice in the market. So, we expect that the price of rice will go down in the next few days because your farmgate price will go down because we will harvest a lot this March and April.)

The latest report from the Philippines Statistics Authority shows that the price of rice in the Philippines recorded its highest inflation at the national level in 15 years. The country's rice inflation last month was recorded at 23.7 percent, higher compared to last January’s 22.6 percent inflation rate.

According to PSA chief and National Statistician Claire Dennis Mapa, the recorded rice price inflation last month was the highest since the recorded 24.6 percent in February 2009.

When asked what were the driving forces behind the continued increase of rice prices in the country, he attributed it to the continued increasing rice prices in the world market and its ‘tight supply.’

“Of course may impact  yung mga increase na nakita natin, as I mentioned last month, mababa kasi yung rice inflation last year mula January hanggang sometime July, so like last year, yung ating rice inflation, February 2023 sa buong bansa ay nasa 2 percent, so mababa ang pinanggalingan niya, medyo mababa ang presyo, tapos ngayon tumaas,” said Mapa.

(Of course, the increases that we have seen have an impact, at the same time as I mentioned last month, because the rice inflation last year was low from January to sometime July, so like last year, our rice inflation, February 2023 throughout the country will be at 2 percent, so his origin was low, the price was quite low, and now it has increased.)