April 5, 2023
Data products and full operation activity of the Philippine Rice Information System (PRiSM) were recently presented and discussed with the Department of Finance (DOF) to assist in making informed decisions and strategic planning to address inflation in the country.
Inflation in the Philippines is a persistent problem that affects the economy and the people’s standard of living. Inflation is the rate at which the general level of prices for goods and services is rising, and it is measured by the Consumer Price Index (CPI). The Philippines has been experiencing high inflation rates in recent years, with the inflation rate peaking at 8.7% in January.
One factor that contributes to inflation in the Philippines is the high price of rice. Rice is a staple food in the country, and any increase in its price has a significant impact on the overall inflation rate.
PRiSM is a government initiative that aims to address this problem by providing reliable and timely information on rice area planted, planting dates, yield and production estimates, and rice areas affected by flood or drought, as well as prices and inventory levels. This information is crucial in making informed decisions on rice policies and interventions to stabilize the price of rice and prevent inflation.