Rice prices in pesos: world rice is the 27th dearest month since 2000, and market rice is up 23.9% in a year
The World Bank's Thai 5% rice benchmark was about ₱28.94 a kilo in August 2026, 27th of 320 months since 2000 in pesos but only 102nd in dollars. How much the weaker peso added, what the price looks like after inflation, and why regular-milled rice at Philippine markets rose 23.9% while a day's minimum wage now buys less of it.
Rice makes up 8.87% of the Philippine consumer price index, and this year it has become dearer on two fronts at once: the world export price has climbed back from its 2025 low, and a weaker peso has made every dollar of it cost more. At the market, regular-milled rice is up by almost a quarter in a year.
How much is world rice in pesos right now?
About ₱28.94 a kilo, or ₱28,941 a tonne, in August 2026. That is the World Bank’s monthly price for Thai 5% broken white rice, US$471 a tonne, multiplied by August’s average exchange rate of ₱61.45 per dollar (BIS).
Thai 5% broken white rice (export price, FOB Bangkok), World Bank monthly average for August 2026, converted at the August 2026 average USD/PHP rate. ₱28,941 a tonne. CapsWindow calculation; August is the latest month with both a rice price and an exchange rate in this site's data.
The World Bank has since published September: US$482 a tonne, 28.9% above September 2025 (US$374). This site does not yet have a September exchange rate. At the August rate, US$482 would be about ₱29,617 a tonne, but that figure mixes two different months and is shown for reference only.
This is a bulk export price for long-grain rice before freight, tariff and distribution. It is not what a kilo costs at a Philippine market; that comes later in this note.
How high is that compared with the past?
High in pesos. August 2026 ranks 27th of the 320 months since January 2000, when this site’s peso series begins. In US dollars, the same month ranks only 102nd of those 320 months. The peso explains the gap.
How high is that compared with the past?
₱ per tonne
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Rank in pesos | Month | US$ per tonne | PHP per USD | ₱ per tonne |
|---|---|---|---|---|
| 1 | May 2008 | 901.8 | 43.00 | 38,775 |
| 2 | April 2008 | 907.0 | 41.77 | 37,886 |
| 3 | June 2024 | 632.0 | 58.72 | 37,111 |
| 4 | January 2024 | 660.0 | 56.02 | 36,973 |
| 5 | May 2024 | 628.0 | 57.82 | 36,314 |
| 27 | August 2026 | 471.0 | 61.45 | 28,941 |
Three of the five dearest months in pesos were in 2024. In dollars the 2023–24 peak was January 2024 (US$660), but in pesos June 2024 is higher, because the peso was weaker then (₱58.72 against ₱56.02). August 2026 is 25.4% below the May 2008 peak in pesos and 22.0% below June 2024. In dollars, the same month is 48.1% below April 2008 (US$907) and 28.6% below January 2024. All figures are CapsWindow calculations from World Bank prices and BIS monthly average exchange rates.
How much did the weaker peso add?
About 9.5 percentage points over a year. From August 2025 to August 2026 the benchmark rose 25.6% in dollars and 35.1% in pesos, while the peso weakened 7.5%, from ₱57.13 to ₱61.45 per dollar. Measured from October 2025, the low in dollars, the rise in pesos is 39.3%.
| Month | Thai 5% (US$ per tonne) | PHP per USD | ₱ per tonne |
|---|---|---|---|
| August 2025 | 375.0 | 57.13 | 21,425 |
| October 2025 (low in dollars) | 356.0 | 58.37 | 20,779 |
| January 2026 | 408.0 | 59.19 | 24,150 |
| March 2026 | 381.0 | 59.59 | 22,704 |
| June 2026 (2026 high) | 494.0 | 61.18 | 30,221 |
| August 2026 | 471.0 | 61.45 | 28,941 |
CapsWindow calculations. The same pattern appeared in other currencies that weakened over the year: the benchmark rose 35.3% in yen and 37.1% in rupiah, but 20.9% in ringgit and 24.8% in Singapore dollars, which strengthened.
Is it still high after inflation?
No. Adjusted to July 2026 prices with the Philippine headline CPI (the latest month in this site’s data), July 2026 works out to ₱28,769 a tonne, which ranks 190th of 319 months. The May 2008 peak equals about ₱72,523 in July 2026 prices, around 2.5 times the July 2026 level.
| Measure | In pesos of each month | In July 2026 prices |
|---|---|---|
| Latest | August 2026: ₱28,941 (27th of 320) | July 2026: ₱28,769 (190th of 319) |
| 2008 peak | May 2008: ₱38,775 (now −25.4%) | May 2008: ₱72,523 (now −60.3%) |
| 2023–24 peak | June 2024: ₱37,111 (now −22.0%) | January 2024: ₱40,173 (now −28.4%) |
CapsWindow calculation: price in pesos × (CPI of July 2026 ÷ CPI of that month), using the BIS-linked national CPI (2010=100). Philippine consumer prices have risen enough since 2008 that a price near the top of the nominal table sits in the middle once inflation is removed.
What is happening to rice at the market and in the CPI?
It has risen sharply too, and faster than overall prices. PSA’s national average for regular-milled rice was ₱49.79 a kilo on 1–5 October 2026, against ₱40.20 a year earlier, up ₱9.59 or 23.9% (PSA, The Manila Times). In the PSA rice CPI, September 2026 was up 20.3% on a year earlier, against 7.2% for all items.
| Measure | A year earlier | Latest | Change |
|---|---|---|---|
| Regular-milled rice, national average (₱ per kg) | 40.20 (1–5 Oct 2025) | 49.79 (1–5 Oct 2026) | +23.9% |
| Rice CPI (2018=100) | 97.53 (Sep 2025) | 117.36 (Sep 2026) | +20.3% |
| All-items CPI (2018=100) | 128.5 (Sep 2025) | 137.7 (Sep 2026) | +7.2% |
| NCR minimum wage, non-agricultural (₱ per day) | 695 | 755 | +8.6% |
| Regular-milled rice bought by a day’s wage (kg) | 17.3 | 15.2 | about −12% |
Rice prices are PSA nationwide averages; CPI changes, wage ratios and the last row are CapsWindow calculations. The ₱755 rate took effect on 26 September 2026 under Wage Order NCR-28 (Daily Tribune); for most of 2026 the rate was ₱695.
Food availability was about 128.43 kg of rice per person in 2019, the latest year in PSA’s table. The rice CPI reached 120.24 in April 2026, the highest in the 2018-based series and above the April 2024 high of 118.62. A year earlier the picture was the reverse: in August 2025 the rice CPI was 17.0% below the year before, the lowest annual change since 1994, in a period that followed the 2024 tariff cut and a fall in world prices. Today’s annual comparison therefore starts from a low point.
Over longer periods rice has not outrun everything. From September 2016 to September 2026 the rice CPI rose 24.4% against 48.6% for all items; over 20 years, 111.1% against 108.7%.
The domestic price does not simply follow the export price, because trade policy sits in between:
- June 2024: the rice tariff was cut from 35% to 15% (USDA GAIN).
- 1 September to 31 December 2025: imports of regular and well-milled rice were banned (GMA News).
- From 1 January 2026: a quarterly tariff linked to the Viet Nam 5% broken rice price, within 15% to 35%. For the first quarter the rate stayed at 15% (Philstar). This note did not verify the rates applied after March 2026.
- 2026: EO 118 set a retail cap of ₱50 a kilo on imported 5% broken rice for 30 days (Philstar, 15 May); exact start and end dates were not verified. On 5 August the Department of Agriculture dropped a plan to extend it, with market prices at ₱47 to ₱50, and ruled out an import ban (Philstar).
- January to September 2026: imports of about 4.2 million tonnes (+25% from 3.36 million) and tariff collections of ₱15.95 billion (₱13.2 billion a year earlier), at an average of ₱60.5 per dollar. The Department of Agriculture expects El Niño to cut 2026 production by 700,000 tonnes (Philstar).
Much of that rice comes from Viet Nam: the Philippines accounted for 40.9% of Viet Nam’s rice exports in January to September 2026 (Thanh Tra). The World Bank’s Viet Nam 5% price was US$418.5 a tonne in September 2026, up 12.7% from a year earlier, a smaller rise than the Thai benchmark. Separately, the government’s ₱20 rice program aims to reach 15 million households by the end of 2026 (Department of Agriculture); it is not open to every buyer.
Why did world rice rise again, and how should these numbers be read?
The Thai 5% benchmark bottomed at US$356 a tonne in October 2025 and reached US$482 in September 2026. Press reports point to several things. India’s 2026/27 crop could fall by about 10 million tonnes from a record 154 million, the biggest drop since 2009/10, after rainfall since 1 June ran 15% below normal, according to the Indian rice exporters’ association (Business Today, citing Reuters); the same report cites dealers who say India’s record state stocks still allow exports without restrictions. Floods in Thailand, El Niño concerns and freight and insurance costs are also cited (Trading Economics). The FAO All Rice Price Index rose 1.4% in September 2026. In Reuters’ weekly survey on 23 October, Thai 5% was quoted at US$480, close to the World Bank’s September figure (Business Recorder).
To compare a peso amount across years against overall consumer prices rather than rice alone, use the past money calculator.
Compare peso amounts across years →
The World Bank benchmark is a bulk export price (FOB Bangkok) for Thai long-grain 5% broken rice. It excludes freight, insurance, tariff, milling, storage and retail margins, and it is a different grade from the regular-milled and well-milled rice PSA tracks, so this note does not calculate a ratio between the two. World Bank prices are monthly averages; Reuters quotes are weekly; PSA prices cover specific days in each month. Peso conversions use the same month's average exchange rate, and August 2026 is the latest month with both. The real comparison uses the national headline CPI through July 2026. Only the 15% tariff for the first quarter of 2026 is confirmed here. Reasons for price moves come from press reports and are not measured shares. Nothing here forecasts rice prices, the peso or policy.
Questions & answers
Why has rice in the Philippines risen so much in a year?
PSA's national average for regular-milled rice went from ₱40.20 a kilo on 1–5 October 2025 to ₱49.79 on 1–5 October 2026, up 23.9%. Over the same period the world benchmark rose in dollars from its October 2025 low, the peso weakened, and policy changed: imports of regular and well-milled rice were banned from September to December 2025, and the 2025 starting point was low, with the rice CPI 17.0% below a year earlier in August 2025. This note does not assign shares to each factor.
Is the rice CPI at a record?
It reached its highest level in the 2018-based PSA series in April 2026, at 120.24. In September 2026 it was 117.36, up 20.3% from a year earlier, while all items rose 7.2%.
How much rice can a day's minimum wage buy?
The NCR non-agricultural minimum wage of ₱755 a day, in effect since 26 September 2026, buys about 15.2 kg of regular-milled rice at ₱49.79 a kilo. A year earlier, ₱695 bought about 17.3 kg at ₱40.20. Rice rose 23.9% while the wage rose 8.6% (CapsWindow calculation).
Is world rice at a record in pesos?
No, but it is high. In August 2026 the Thai 5% benchmark was about ₱28,941 a tonne, 27th of 320 months since January 2000 and 25.4% below the May 2008 peak of ₱38,775. After adjusting for Philippine consumer prices it ranks 190th of 319 months.
Source
- World Bank - Commodity Price Data (Pink Sheet), monthly rice prices ↗
- BIS - Bilateral exchange rates ↗
- PSA - Price situationer of selected agricultural commodities, first phase of October 2026 ↗
- The Manila Times - Prices of rice, pork drop (19 October 2026) ↗
- PSA OpenSTAT - Consumer price index by commodity group, 2018=100 ↗
- PSA OpenSTAT - Food available per capita ↗
- USDA FAS GAIN - Philippines implements quarterly rice import tariff adjustment in 2026 (RP2026-0004) ↗
- Philstar - Rice tariff rate stays at 15% until March (29 January 2026) ↗
- GMA News - Philippine rice tariff from January 2026 ↗
- Philstar - DA ready to enforce ₱50 a kilo imported rice price cap (15 May 2026) ↗
- Philstar - DA shelves rice cap plan, rules out import ban (5 August 2026) ↗
- Philstar - Rice tariff collection hits ₱16 billion in nine months (20 October 2026) ↗
- Daily Tribune - ₱60 NCR wage hike takes effect (25 September 2026) ↗
- Department of Agriculture - DA to expand ₱20 rice program to 15 million households by end-2026 (29 December 2025) ↗
- Thanh Tra - Vietnam rice exports in the first nine months of 2026 (Vietnamese) ↗
- FAO - Food Price Index (2 October 2026) ↗
- Business Today (Reuters) - India rice output faces 10 million tonne slump (18 September 2026) ↗
- Trading Economics - Rice news (15 October 2026) ↗
- Business Recorder (Reuters) - Asia rice, 23 October 2026 ↗
- CapsWindow - Data & methodology ↗