Rice prices climb as import ban dents supply

Higher rice prices, coupled with faster fish inflation, could have pushed headline inflation up in September, as the two-month rice import ban-which the government will prolong-might have tightened the supply of the Filipino staple food during the month.

- By DERCO ROSAL

Last month's inflation rate is expected to clock within the range of 1.5 to 2.3 percent, according to the forecast by the Bangko Sentral ng Pilipinas (BSP). The lower end of the central bank's projection matched the five-month high headline inflation rate in August.

"Upward price pressures for the month [of September] are likely to arise from higher prices of rice and fish," the BSP said in an Oct. 1 statement.

It can be recalled that President Ferdinand R. Marcos, Jr. ordered a two-month suspension of rice imports starting Sept. 1, in a bid to protect Filipino farmers during harvest season and stabilize rice prices.