DA steps up food price monitoring as inflation shows a slight rise
MANILA – The Department of Agriculture (DA) on Friday said contingency measures are being prepared while authorities intensify monitoring of food prices amid growing inflation concerns linked to ongoing tensions in the Middle East.
The move comes after food inflation in the country accelerated in February, rising to 1.6 percent from 0.7 percent in January, based on the latest data from the Philippine Statistics Authority (PSA).
Despite the increase, the rate remained lower than the 2.6 percent food inflation recorded during the same month last year.
In a statement, Agriculture Secretary Francisco Tiu Laurel Jr. said the agency is exploring measures to help cushion the impact of possible price shocks.
“We are now taking steps to secure supply so food and farm inputs are sufficient in anticipation of price shocks that may follow the current situation in the Middle East,” he said.
Earlier, the DA also assured the public of adequate rice supply, noting that 707,711.46 metric tons (MT) of imported rice have arrived in the country since January, ahead of the peak local harvest season for palay (unhusked rice).
To support local producers, at least PHP100 million in fuel subsidies is also ready for distribution to qualified farmers and fishers to help prevent disruptions in food production.
Tiu Laurel added that authorities are closely monitoring markets to safeguard Filipino consumers, particularly low-income households.
“We have intensified our price monitoring activities to ensure that supply and price of food remain stable even in the face of challenges,” he said.
PSA data also showed that inflation among the poorest households rose to 2.5 percent in February, up from 1.6 percent in January and 1.5 percent in the same month last year.
The agency noted that the increase could serve as an early sign of mounting pressure on household budgets if tensions in the Middle East escalate further.
Rice inflation continued to slow in February at 3.4 percent, easing from 8.5 percent in January.
NPO News Team | Philippines News Agency – PR
