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S&P Global: Philippines Sep rice inflation hits 14-year high despite price control measures

Article published: October 5, 2023

IB Economics Syllabus: Microeconomics (Government Intervention, price ceiling)

In September, the Philippines faced a significant rise in rice inflation, reaching a 14-year zenith. This surge occurred despite the government’s proactive price control measures. The Philippine Statistics Authority’s data showcased a 17.9% year-on-year escalation in rice prices, following an 8.7% increase in August. This inflationary trend contributed to a 6.1% annual growth in the consumer price index. On October 4, President Ferdinand Marcos Jr. announced the lifting of price caps on specific rice types, citing the commencement of the harvest season and a favorable global supply perspective. However, the efficacy of these price control strategies remains a topic of debate among experts.

IB Economics (IA) Commentary Suggestions:

Based on this article, you could look into the microeconomic concepts of intervention and scarcity, and explore the complications of government intervention, such as price ceilings, and their implications on market dynamics. Using a supply and demand diagram could be a great way to illustrate the effects of these price controls on the Philippines’ rice market. Additionally, you could elaborate on the broader theme of scarcity, especially when influenced by external factors like global conflicts and trade restrictions. The key concept to focus on is intervention or scarcity.

Source of image: Iya Forbes/Bloomberg

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