Rice prices may increase by P4 per kilogram or higher, farmers group says

Prices of rice may go up by P4 per kilogram or higher, according to projections of the Federation of Free Farmers Cooperative.

This is due to an increase in fuel prices, which adds to the delivery cost of rice, according to a report by Bam Alegre on GMA News' Unang Balita on Tuesday.

The rising cost of fertilizer is also an added burden, the cooperative said.

Last month, the cost of fertilizers increased by P12,000 to P15,000, thus driving up the rice production cost by P3 per kilo, the group said. This would lead to a profit margin of only P4 per kilo.

Some rice vendors have already raised the product's prices since last month.

However, due to consumer complaints, they could not maximize the price increase.

Instead, vendors are just banking on the number of consumers who will buy the staple food.

Local rice variants' prices currently range from P38 to P40 per kilogram. —Sherylin Untalan/KG, GMA News

Date: 20-Sep-2022
https://www.gmanetwork.com/news/money/economy/845428/rice-prices-may-increase-by-p4-per-kilogram-or-higher-farmers-group-says/story/