Playback rate isn't persisted when the playlist loops in VLC RC interface

When the playback rate is changed in the RC interface (e.g. rate 0.5) and the playlist loops back to the start, the rate resets back to 1.

This seems to be inconsistent with the GUI interface, where when a track loops the playback speed stays consistent.

One way to get around this is to do something like

vlc -I rc

add <song> :rate=0.5

loop on

But if the rate is changed (e.g. rate 0.8) this gets reset again when the song loops. Would it be possible to get the rate to stay consistent?

I had made a forum post with a bit more explanation here: https://forum.videolan.org/viewtopic.php?f=2&t=138962