Sluggish rice cost drags Guimaras’ food inflation to 4 percent in July

Rice is one of the major food commodities which dropped its price in July, thereby retarding food inflation in Guimaras to 4 percent from 6.9 and 11.9 percent in June 2023 and July 2022, respectively, based on the latest price statistics released by the Philippine Statistics Authority (PSA).

“Data shows that rice prices in Guimaras recorded erratic trends for the past 13 months. From the lowest point of 0.6 percent in July 2022, rice value soared to 6.4 percent the following month, it then slowed to 2.0 percent in September, and went back up to 5.5 percent in October. After which, the rice price trend slowed until January 2023 at 1.6 percent, however, its value swayed up again to 4.3 percent a month,” Provincial Statistics Officer Nelida B. Losare said.

“A price drop was seen in March 2023 at 2.4 percent, before it continuously grew until 8.9 percent in May, the fastest rice inflation recorded in 2023. From then, the annual price indices of rice slowed down to 8.5 in June until 3.2 percent in July,” she added.

Losare further said that rice shared 45.9 percent of the 4.0 percent food inflation in July 2023, followed by Vegetables, tubers, plantains, cooking bananas and pulses with 9.0 percent inflation, and Meat and other parts of slaughtered land animals with –3.1 percent inflation, which also posted significant shares of 19.4 and 18.1 percent, respectively, to the Guimaras food inflation.

Inflation rates of Fruits and nuts (5.3%); Sugar, confectionery, and desserts (20.0%); Milk, other dairy products, and eggs (9.9%); and Corn (8.6%) were the other food items that pulled down food inflation in July 2023 to a slower rate.

“Only four food items showed faster rate than the previous month’s level, these are Flour, Bread, and Other Bakery Products, Pasta Products, and Other Cereals with 6.1 percent inflation; Fish and other seafood with 1.4 percent inflation; Oils and fats with 16.0 percent inflation; and Ready-made food and other food products n.e.c. with 9.7 percent inflation,” Losare said.

Losare also explained that the trends in food groups started at 11.9 percent in July 2022, then rose to 12.1 percent in August, the highest level for 13 months.

“There was a slower movement in the food inflation in September 2022 with 9.2 percent, then it speedily moved in the ensuing months, reaching 11.8 percent in December 2022. Food inflation in Guimaras began at a slower pace of 9.2 percent in 2023 and spiked to 12.0 in February. From then, the food inflation in Guimaras decelerated until April, and slightly
inched-up to 8.2 percent in May, eased to 6.9 percent in June and 4.0 percent in July 2023,” Losare said.