September rice inflation slows to 5.7%

Rice inflation in September slowed to 5.7 percent, according to the Philippines Statistics Authority (PSA) on Thursday. This was slower than the previous month’s 14.7-percent rate.

The PSA, in its latest report, said food inflation at the national level eased to 1.4 percent last month from 4.2 percent in August.

The statistics bureau attributed this to the slower inflation rate of the staple grain.

PSA chief and National Statistician Claire Dennis Mapa earlier forecast the rice inflation rate would plunge to the single digits due to combined base effects and the lower import levy taking effect.

President Ferdinand Marcos Jr. issued Executive Order 62 in June directing the modification of nomenclature and tariff rates on various products. Under this order, which took effect in July, the duty rates for imported rice was seen to decrease by P6 to P7.

Following rice, meanwhile, vegetables, tubers, plantains, cooking bananas and legumes noted a faster year-on-year decline of 15.8 percent during the month from a 4.3 percent annual decrease in August.

Additionally, lower inflation rates during the month were seen in corn, to 6.9 percent from 18.4 percent; flour, bread and other bakery products, pasta products and other cereals, to 2.3 percent from 2.4 percent; meat and other parts of slaughtered land animals, to 3.6 percent from 4.0 percent; and ready-made food and other food products not elsewhere classified, to 5.1 percent from 5.5 percent.

The country’s headline inflation rate last month eased at 1.3 percent. This was the lowest inflation rate since the 1.6-percent inflation rate recorded in May 2020, said the PSA.

The inflation rate was at a pace of 3.3 percent in August.