Philippines Sees Monthly Rice Price Increase in January 2024

In January 2024, the average price of well-milled rice in the Philippines increased by 30.25 percent annually, reaching an average selling price of P49.86 per kilo, compared to P38.28 per kilo in the same month of the previous year. On a monthly basis, this price reflected a 1.52 percent increase from the December 2023 average of P49.11 per kilo. Among the regions, the highest price reported was in Central Visayas at P57.66 per kilo, while the lowest was in the Ilocos Region at P44.98 per kilo. The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) saw the highest increase in the average price of well-milled rice, which rose by 7.6 percent to P53.60 per kilo.

The price of regular milled rice also observed a monthly increment of 1.68 percent, averaging P46.60 per kilo, compared to P45.83 per kilo in the previous month. Similarly, the average price of premium rice increased by 1.7 percent to P54.14 per kilo from P53.23 per kilo logged the month before. The average price for special rice saw a rise of 1.79 percent, reaching P55.11 per kilo, up from P54.14 per kilo a month earlier.

The Department of Agriculture Secretary Francisco Tiu Laurel Jr. stated that despite the elevated prices, which are influenced by higher international market prices and increased demand due to the El Niño weather pattern, the rice supply in the Philippines is expected to remain sufficient until the first half of the year.