Retail prices of rice are seen to increase in the next few weeks due to high palay farmgate prices amid the dry season, higher cost of inputs, and low buffer stock, according to the Department of Agriculture.
In a recent interview with reporters, Agriculture Assistant Secretary and deputy spokesperson Rex Estoperez said the projected rise is a maximum of P5 per kilo.
“During the summer harvest season, prices are normally high because the palay is already dry… Plus, the cost of inputs are also increasing,” Estoperez said.
“This is a normal occurrence during summer. Price levels are abnormal and have already reached P23,” he added.
Moreover, another factor in the expected increase in the prices of rice is the lower inventory which is only good for 51 days.
In a report from GMA news, Estoperez said the country’s rice stockpile should be 37,000 metric tons (MT) a day, good for 90 days or 3.33 million MT.
