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Rice price hike influenced by reports of low NFA stocks, officials say

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Michelle Ong, ABS-CBN News

MANILA – Government officials on Friday agreed that the rice price hike, reportedly felt by most Filipinos according to a Pulse Asia survey, was influenced by reports of low National Food Authority (NFA) rice stocks.The recent Pulse Asia “Ulat ng Bayan” survey revealed that 86 percent of Filipinos are “strongly affected” by the rise in prices of basic goods.&quot;Rise in food prices, [including rice], was caused by [an] artificial shortage due to NFA low stocks resulting in alarmist statements,&quot; Socioeconomic Planning Secretary Ernesto Pernia told ABS-CBN News.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/04/27/18/pulse-asia-most-filipinos-strongly-affected-by-price-hikes-in-basic-goods">Pulse Asia: Most Filipinos &#x27;strongly affected&#x27; by price hikes in basic goods </a></li></ul>World oil prices and the newly implemented tax reform law also influenced the price hikes, Pernia said.“Inflation typically rises with sharp increases in economic growth and household income,” he said.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/news/04/04/18/government-has-less-than-a-days-buffer-stock-of-rice">Government has less than a day’s buffer stock of rice</a></li></ul>He allayed fears of consumers saying the Bangko Sentral ng Pilipinas (BSP) is good at inflation management.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/video/business/04/05/18/dissecting-data-ph-inflation-by-the-numbers">Dissecting Data: PH inflation by the numbers </a></li></ul>Meanwhile, BSP Deputy Governor Diwa Guinigundo said price hikes of basic commodities are a reflection of significant increases in global petroleum prices raising prices of diesel, kerosene and LPG.“These supply side pressures are pushing prices and inflation of these key commodities including rice, which was affected by reports of lower NFA stocks even as fruits and vegetables prices declined for the month of April,” Guinigundo told ABS-CBN News.Electricity rates have also gone up due to higher generation and transmission charges, he said.

Government officials on Friday agreed that the rice price hike, reportedly felt by most Filipinos according to a Pulse Asia survey, was influenced by reports of lower NFA stocks.

Government officials on Friday agreed that the rice price hike, reportedly felt by most Filipinos according to a Pulse Asia survey, was influenced by reports of lower NFA stocks.

Rice price hike influenced by reports of low NFA stocks, officials say

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Rice price hike influenced by reports of low NFA stocks, officials say

Michelle Ong,

ABS-CBN News

Published Apr 27, 2018 05:21 PM PHT

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Updated Apr 27, 2018 07:40 PM PHT

Read More:

NFA rice

NFA buffer stock

BSP

NEDA

inflation

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