Hike in rice prices noted in Cebu
‘If the imported rice cannot be immediately released to augment the low supply, it would result in a sudden increase in price due to the law of supply and demand.’
‘If the imported rice cannot be immediately released to augment the low supply, it would result in a sudden increase in price due to the law of supply and demand.’
The Cebu Market Vendors Multi-Purpose Cooperative (Cemvedco) revealed that there was an average rice price increase by as high as P50 per sack during the last 10 days.
Cemvedco chief executive and former chairman Erwin Gok-ong told Cebu media that this may hurt consumers’ pockets due to decreased importation supply.
He said the rice prices will further rise as the holiday and Christmas season begins.
However, Gok-ong stressed there is enough rice supply, which is seen to mitigate the price increase which was partly attributed to the decrease in imports as the country factored in the two harvest seasons.
“If the imported rice cannot be immediately released to augment the low supply, it would result in a sudden increase in price due to the law of supply and demand,” Gok-ong reiterated.
The common premium local rice such as Ganador, increased from P2,670 per sack in November to P2,830 per sack this week.
“Our capital for premium local rice Ganador last month was at the lowest P2,670, then we sold at 2,720. Then two weeks ago, it rose to P2,720, and we sold P2,780. Today,we have a capital of P2,770; we sold at P2,830. The reason is due to low supply,” Gok-ong disclosed.
