Friday, March 28, 2008 Prices of rice seen to further increase By Joy Romares-Sevilla
PRICES of rice in local markets have increased by P1 to P2, based on a monitoring conducted in one of the major trading markets in Davao City Thursday.
Rice vendors and consumers also expect the prices of rice to further increase as supply and production of palay are also expected to decrease in the coming months.
Dorie Safra, who manages a rice stall in Agdao public market, told Sun.Star Davao that the increase in rice prices was observed two weeks ago.
"Before, we used to stock 20 sacks of rice, but today's supply is low that is why we can only buy 10 to 12 sacks from the warehouse every time we run out of rice stocks," Safra said.
Hubert Torres, who also manages a rice stall in the same public market, also said the 10 sacks of rice he get from the warehouses can be disposed of in just two weeks.
"I observed that even the customers already limited the rice they buy because of the high prices. The maximum kilos of rice the customers buy before were eight kilos. Today, many of them can only afford to buy a kilo of rice," Torres said.
Torres also expects the prices of rice to gradually increase depending on the supply from the warehouses.
At present, the cheapest price of rice, the NFA rice, still costs P18.25 per kilogram; P25 for the Masipag variety; red 7-tonner and 7-tonner-Grade 1 variety cost P27 per kilogram; Banay-banay, P29 per kilogram; Super Banay-banay is pegged at P30 per kilogram; and Malagkit rice and special Malagkit rice cost P30 and P32 per kilogram, respectively.
Meanwhile, a consumer who refused to be identified said his family already limited their rice consumption.
"In the morning, I and my wife only drink coffee, we just eat rice for lunch and dinner," he said.
