Rising rice prices in Philippines fuel food inflation concerns

MANILA (Reuters): Retail prices for imported and locally produced rice in the Philippines rose further by 4% to 14% this month, government data showed on Friday, as global and domestic farmgate prices soared, adding pressure on food inflation.

The steady rise in prices of the country's staple food pushed local rice inflation to 4.2% in July, the fastest pace since 2019, indicating growing pressure on the country, a major importer of the grain, to rapidly increase its stockpile.