Rice is getting more expensive for Filipino families as prices climb in August

Families face growing financial pressure as rice inflation jumped to a two-year high of 19.4% this month.

Rice is getting more expensive for Filipino families, with prices climbing 19.4% in August from a year earlier.

The Philippine Statistics Authority said rice inflation accelerated from 17.1% in July, even as overall food inflation eased to 4.6% in August from 5.3% in July.

The 19.4% increase also marked a two-year high for rice inflation, according to China Banking Corp., which identified elevated rice prices as a key upside risk to inflation.

The main reason food inflation slowed was a sharp turnaround in vegetables, tubers, plantains, cooking bananas, and pulses. Their prices fell 3.4% in August after rising 8.4% in July.

Rice, meanwhile, continued to push food prices higher. Cereals and cereal products, which include rice, corn, flour, bread, pasta, and other cereals, accounted for 92.9% of food inflation’s contribution in August, equivalent to 4.3 percentage points.

ChinaBank said global rice prices have been rising, with production affected by low rainfall and higher fuel and fertilizer costs. It also warned that El Niño could further affect food supply in the coming months.

Other food items also recorded notable increases. Corn prices rose 18.2%, while fish and seafood increased 6.6% and fruits and nuts climbed 5.8%.

Overall food inflation eased in August, but rice prices continued to climb sharply, keeping pressure on Filipino families and the broader inflation outlook.

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