16:56, 17-Sep-2018
Typhoon Mangkhut: Damage in Philippines may drive up rice prices
Updated
16:03, 20-Sep-2018
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Typhoon Mangkhut slammed into the Philippines, killing at least 65 people and destroying vast amounts of farmland before heading towards China. Analysts say that the damage and sharply reduced rice production could push up rice prices. Let's take a look.
Typhoon Mangkhut struck during the rice and corn harvest on Luzon Island. The island is an agricultural region of flood-prone rice plains and mountain provinces often hit by landslides. Before Typhoon Mangkhut landed, farmers were expecting one last harvest to help alleviate the Philippines' rice shortage.
Rice prices in the Philippines have steadily climbed over the past eight months. The average retail price for rice has risen 9% year on year in 2018. That's among the reasons that inflation in the Philippines reached a 9 year high in August. Now, many Filipinos are worried that rice prices will increase even more.
The Philippine Ministry of Agriculture estimated before the typhoon that a crop failure would create 11 billion pesos worth of economic losses.