Rice inflation in September hit 17.9%, its highest point in 14 years, even as President Ferdinand Marcos Jr. set a nationwide price cap of P41 to P45 per kilo for rice.
Full story: https://www.rappler.com/business/philippines-rice-inflation-price-caps-september-2023/
Full story: https://www.rappler.com/business/philippines-rice-inflation-price-caps-september-2023/
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NewsTranscript
00:00 Rice inflation in September hit 17.9 percent, its highest point in 14 years, even as President
00:06 Ferdinand Marcos Jr. set a nationwide price cap of P41 to P45 per kilo for rice.
00:12 Last August, rice inflation was measured at just 8.7 percent.
00:16 Rice inflation hit its highest in March 2009 at 22.9 percent, and it hasn't reached that
00:21 point since.
00:23 But national statistician Dennis Mapa notes the price caps led to mixed results, saying
00:27 not all rice retailers followed the price cap.
00:30 The Philippine Statistics Authority finds that the national average prices for one kilogram
00:34 of rice were higher than the price caps.
00:38 But Mapa says more research would be needed to determine how bad rice inflation could
00:42 have been if no ceiling was introduced.
00:44 (upbeat music)