P2 rice price hike temporary—Palace

File photo of EV ESPIRITU

MANILA, Philippines — Malacañang on Sunday assured the public that the increase in rice prices is only temporary.

Communications Secretary Herminio Coloma Jr. said the National Food Authority (NFA) and the Department of Agriculture attribute the P2-increase to “market forces” or the movement of supply and demand, which they continue to monitor.

“They believe that once harvest and planting season start, the supply of rice will increase and push down prices,” the Secretary said over the radio.

He said the DA is monitoring the prices of other agricultural crops like ginger and garlic.

NFA director for public affairs Rex Estoperez earlier said in a television interview that they expect rice prices to increase by P2 per kilo starting June. The price is expected to go down by mid-September.
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