IF before, the price of rice was blamed for the inflation rate increase, now it’s corn.
“It’s no longer rice, rice, rice. It’s corn,” said House ways and means committee chairman Rep. Joey Salceda after the inflation rate rose to 4.4% in July, higher than the 3.7% in March and June.
According to the lawmaker, the price of rice is said to be decreasing and is expected to continue, especially when imports from India and Vietnam arrive.
However, the increase in the price of corn reportedly pulled the inflation rate up to 5.8% as the supply in the global market continues to thin, affecting domestic livestock, poultry, and other sectors.
“As a result, I’ve been seeing some increase in the price of poultry, but based on our monitoring of the situation, the price situation in that sector should ease by the time the August report is released – prices are down in August by as much as 12% from their July peak,” explained Salceda.
However, according to the Philippine Statistics Authority (PSA), high rice prices also contributed to the inflation rate increase last month, along with high electricity charges.
The high prices in restaurants, high rent, and even the price of tomatoes are also said to be reasons for the inflation rate.
The Makabayan bloc was not surprised by the inflation rate increase because the government is not addressing the agricultural sector to avoid relying on supplies from other countries. The group believes that if there is enough food supply in the country, food prices will decrease, including rice, vegetables, meat, and other staple food of the people.
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