Low June inflation reading cited as argument for maintaining P50/kg cap on imported rice

AGRICULTURE Secretary Francisco P. Tiu Laurel, Jr. cited low food inflation in June as an argument for extending the P50 per kilo price cap on imported 5% broken rice.

The Philippine Statistics Authority (PSA) reported that food inflation slowed to 5.4% in June from 5.8% in May, driven by a sharp decline in meat prices.

Rice inflation slowed 15% month on month from 15.6% in May, while fish inflation eased to 7.8% from 8.8%. Meat prices fell 4.2% after declining 2.5% in May.

Mr. Laurel said that continuing the P50 price cap on imported rice, as well as sustaining efforts to keep the food supply sufficient and improve the transport of produce from farm to market, will help keep prices low.

“We must continue ensuring adequate supply, efficient distribution, and reasonable prices, particularly for rice, so inflation remains manageable while consumers and farmers alike are protected,” Mr. Laurel said in a statement. — Marron Joshua F. Mendoza