The government’s move to reduce tariff rate for imported rice is expected to trigger a reduction in rice inflation and overall inflation in the country, the Philippine Statistics Authority said Wednesday.“The NEDA Board approved a reduction in the tariff sa rice… that would trigger reduction in prices. Impact on the price per kilo of the tariff reduction is about P6 to P7… That would be substantial,” PSA chief and National Statistician Claire said at a press conference.
“That will have a large impact on inflation for rice and overall inflation,” Mapa said.To illustrate, the PSA chief said rice contributed 1.7 percentage points to the 3.9% inflation rate in May.Moreover, the weight of rice to the inflation felt by the bottom 30% of income households was 3.7 percentage points or about 70%.Mapa said that while tariff rates were reduced, the exchange rate will also be a factor in the actual retail prices of imported rice in the market.
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