Rice Inflation at 14-Year High Defies Philippine Price Control
- Statistics agency head said compliance with cap was an issue
- Survey showed Filipinos consumed less rice as prices jumped
Filipinos spent more on rice but consumed less of the staple grain compared to last year.
Photographer: Iya Forbes/BloombergThis article is for subscribers only.
Rice inflation in the Philippines soared to a 14-year high in September, indicating limited impact of President Ferdinand Marcos Jr.’s price cap on the staple grain.
Price gains of the grain quickened to 17.9% year-on-year last month from 8.7% in August, boosting overall inflation beyond economists’ expectations in a Bloomberg survey. That’s even after Marcos ordered in early September to cap rice prices amid supply shocks and reported hoarding locally.