Were the price caps effective? National Statistician Dennis Mapa says results were ‘mixed,’ with many rice retailers monitored still selling at prices above the limit throughout September.
MANILA, Philippines – Rice inflation in September hit 17.9%, its highest point in 14 years, even as President Ferdinand Marcos Jr. tried to clamp down on
Rice inflation hasn’t gone beyond that level since March 2009, when it hit 22.9%. Last August, rice inflation was measured at just 8.7%.of P41 per kilo for regular milled rice and P45 per kilo for well-milled rice. The restrictions took effect on September 5 and lasted throughout the month. Mixed ngayon result doon sa compliance na nakita namin sa price cap.
Given the high inflation for rice, did the price caps work? Based on the monitoring done by the Philippine Statistics Authority , many retailers didn’t follow them. The PSA found that of the 2,601 varieties of regular-milled rice that it monitored, only 640 fell within the price cap range. For well-milled rice, only about 20% of varieties were in compliance, or 687 of the 3,498 varieties monitored.
The PSA also noted that the national average prices for 1 kilogram of rice were higher than the price caps. Here is a table comparing the prices:Mapa explained that during the early days of the price ceiling’s implementation, many retailers that they monitored were selling at higher prices because they were finishing up their stocks of regular and well-milled rice.
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