Rice prices fuel five-month inflation rise in Guimaras

The retail price of rice has persistently driven Guimaras’ food inflation upward for five consecutive months since November 2023, hitting a peak of 10.8% in March 2024, the Philippine Statistics Authority (PSA) reports.

Guimaras’ rice prices have shown volatile swings over the past 14 months. From late 2023, a steady rise began, culminating in a significant spike by March 2024, with rice inflation soaring to 33.8%.

Within the cereals and cereal products group, which experienced a 26.1% inflation rate, rice accounted for the majority, contributing a staggering 75.5% to Guimaras’ food inflation in March 2024.

“The inflation rate for meat and other slaughtered animal products was 20.0%, the second highest, contributing 19.8% to March’s food inflation,” said Provincial Statistics Officer Nelida B. Losare.

“Vegetables, tubers, plantains, cooking bananas, and pulses recorded a -1.9% inflation rate, placing third in commodity groups influencing the inflation trend at 9.6%. Ready-made food and other food products, however, showed an 11.4% inflation rate and contributed 3.0%,” Losare added.

The report also highlighted that food inflation for lower-income households climbed to 11.8% in March from 9.6% in February 2024.

Antique and Guimaras led the six Western Visayas provinces with food inflations of 10.8% each, closely followed by Aklan at 6.9%.

“Negros Occidental logged the lowest rate in the region at 3.7%, with Capiz and Iloilo trailing with food inflation rates of 4.6% and 6.6%, respectively,” Losare concluded.