15.15 % Increase

Following the rise in vegetable prices, the cost of imported rice has also seen a significant increase in recent years, largely driven by the depreciation of the ariary.

Currently, the price of imported rice in grocery stores stands at around 3,800 ariary per kilogram (approximately 0.80 USD), compared to 3,300 ariary (0.70 USD) just a month ago, marking a 15.15 % increase. Due to Madagascar’s insufficient domestic rice production, the country continues to import large quantities of this staple food to meet the needs of its population.

It’s also important to note that Madagascar imports other essential goods (PPN) to manage its commercial activities more effectively. According to a recent report from the General Directorate of Customs (DGD) on Malagasy imports from January to August 2024, Madagascar imported 2.358 million tons of raw materials.

Data indicates that raw materials represent the largest category of imports, both in terms of volume and value. The rise in imported rice prices may encourage Malagasy residents to shift towards more affordable local products, which could potentially support the country’s local agricultural sector.