Rice prices in Philippines increased by 2.2 percent in November amid projections that imports of the staple will be lower in 2023 compared to 2022.

As of Nov. 2023, Philippine Statistics Authority (PSA) showed that the average price of well-milled rice stood at P47.21 per kilo (kg) in November, 2023, higher than October's P46.20 per kg.

Year on year, the price was higher by 23.9 percent from P38.35 per kg.

In comparison to the average price of P38.28 per kg posted in the first month of 2023, as of Nov. 2023, well-milled rice was 23.32 percent higher.

Likewise, an increment of 3.1 percent was observed in the price of regular milled rice. The staple recorded an average retail price of P43.88 per kg during the month, higher than P42.56 per kg posted last October.

The average price of special and premium rice, meanwhile, was at P52.62 per kg during the same month and was higher by 1.8 percent from the P51.7 per kg logged last month.

Meanwhile, the average price of premium rice went up by 1.4 percent to P51.33 per kg from P50.62 per kg.

With the increasing prices of the commodity, both local and international, the Department of Agriculture (DA) of Philippine said that Philippine' rice imports for 2023 could be lower in comparison to the previous year's imported volume of 3.826 million metric tons (MT).

From January to end-November, DA reported that inbound shipments of rice totaled 3.03 million MT, down by about 14 percent from the year-earlier 3.5 million MT. The Philippines imported 3.82 million MT of rice in 2022.

The department noted that the full-year import figure could reach around 3.6 million MT, with the expected arrival of about 620,000 MT of rice in the latter month of 2023.

Based on historical data, the country imported about 299,714 MT of rice in December 2022.

Rizal Commercial Banking Corp. chief economist Michael Ricafort has noted that the high prices of rice, both local and global, somehow reduced the import level in Philippine.