On Thursday, Agriculture Secretary Jose Tiu Laurel Jr. stated that the price of rice is unlikely to decrease within the next two months due to India’s continued export ban on rice.
Speaking at a public briefing, Laurel highlighted the impact of India’s export restrictions on global rice prices, indicating that prices are not expected to drop significantly until the ban is lifted.
Despite ongoing harvest seasons, rice traders are reportedly purchasing palay at high prices. Laurel projected that rice prices may not decline until June or July this year.
According to the Department of Agriculture’s price monitor, rice prices ranged from P49.60 to P60.38 per kilo from March 25 to 27.
Source: PhilNews24 | April 5, 2024
