RICE prices increased by 3.8 percent in December 2023 as prices at the international market continue to rise.

Latest data from the Philippine Statistics Authority showed that the selling price of well-milled rice averaged P49.11 per kilogram (kg) in December 2023, higher by 3.8 percent compared to P47.31 per kg posted in November.

The P49.11 per kg was also the highest average price recorded among the months last year.

Year on year, the price was higher by 25.59 percent from P18.19 per kg logged in the same month of 2022.

In comparison to the average price of P38.28 per kg posted in the first month of 2023, the latest price of well-milled rice was 28.29 percent higher.

Likewise, a monthly increment of 2.8 percent was observed in the price of special rice, which recorded an average price of P54.14 per kg during the same period.

The average price of regular milled rice, meanwhile, increased to P45.83 per kg last month, higher by 4.4 percent than P43.88 per kg logged in the previous month.

The average price of premium rice went up by 1.4 percent to P51.33 per kg from P50.62 per kg.

The Department of Agriculture (DA) earlier said that higher rice prices are anticipated as the country is coming from the lean planting season and also depending on rice imports.

World prices of the grain remain high at around $600 per metric ton and because of this, the DA does not see an immediate decline in prices.

Lower import volume was also seen amid the continuous increase of rice prices at the international market.

Rice imports in 2023 were down on an annual basis. Data from the DA’s Bureau of Plant Industry showed inbound shipments at 3.48 million metric tons (MT) as of December 28, down 8.96 percent from the 3.82 million MT of the same period in 2022.

Moreover, the department has set this year’s rice production forecast at not lower than 20 million MT, hitting another record, despite the El Niño threat.

Published Date: January 10, 2024