President Ferdinand R. Marcos Jr. is optimistic that rice prices would go down further, consistent with the current price trend of the staple in Southeast Asia.

In a sectoral meeting in Malacañang Tuesday, Marcos discussed with top government officials ways on managing food and non-food inflation.

During the meeting, the President said rice prices are following the government’s projections.

“Doon sa rice, mukha namang sumusunod dun sa projections natin sa rice prices (As for rice, it seems that the prices are within our projections). And it seems to be consistent again with the same experience of other ASEAN [Association of Southeast Asian Nations] countries like Thailand and Vietnam,” Marcos said, as quoted by a Presidential Communications Office (PCO) news release.

“So, I think as the time goes on, that should improve,” he added.

Inflation slowed to 3.3 percent in August this year from 4.4 percent in July due to the decrease in food inflation, which eased to 4.2 percent from 6.7 percent.

The reduction was due to the decline in rice inflation which went down to 14.7 percent from 20.9 percent in July.

It was the lowest rice inflation recorded since the 13.2 percent recorded in October 2023.

Despite this, rice was the top inflation driver and prices of the staple remain elevated.

According to the PCO, prices of rice in Vietnam and Thailand moderated last month, as available data for September showed a decline in the prices of the staple.

The landed cost of the imported staple declined by 15 percent, or around PHP7 per kilogram, as of mid-September, following the implementation of reduced tariffs under Executive Order No. 62, s. 2024, the PCO said.

Marcos said the country also has to resort to sugar importation to ensure supply and stabilize prices.

The retail price of refined sugar remains elevated at 35 percent, higher than the January 2022 level, before prices spiked. (PNA)