The National Food Authority (NFA) said the price of commercial rice should drop to P37 to P39 per kilo in two weeks to a month’s time from P40 to P42 today amid efforts to stabilize the price of the staple. He also said that there is a possibility of increasing the market participation of NFA rice from the private sector as long as prices do not stabilize. That’s why the private sector needs to release [their stock] if ever they have any,” he said. If prices stabilize, the NFA rice would step back and let market forces prevail. The spike in the prices of rice has contributed to the nine-year high in inflation last August, official data showed.

Source: Philippine Daily Inquirer September 27, 2018 10:41 UTC