Palay prices up for 11th week

MANILA, Philippines — Farm gate price of paddy rice continued its upward trend for the 11th straight week, rising by nine percent in the second week of the month, the Philippine Statistics Authority (PSA) said.

In its regular update on palay, rice and corn prices, PSA said the average price of palay went up to P20.33 per kilogram from P18.57 per kg last year. Week-on-week, prices were also up one percent.

The average wholesale price of well-milled rice rose six percent to P40.63 per kg year-on-year but week-on-week prices started to decrease by a minimal 0.12 percent.

On the other hand, the average retail price of well-milled rice increased by five percent to P43.39 per kg.

The wholesale price of regular-milled rice was seven percent higher at P37.06 per kg.  Its average retail price also increased by seven percent to P39.65 per kg.

Rice prices have been increasing since the start of the year following the lack of supply of the cheaper rice from state-run National Food Authority (NFA).

NFA rice serves as stabilizer in the market to avoid jacking up of the prices of commercial rice.

PSA earlier said the country’s rice inventory remained low, declining by 22 percent to 1.8 million metric tons (MT) as of February.

Stock inventory of Filipinos’ main staple will be sufficient for 53 days.

Meanwhile, farm gate prices of white corn grain grew 30 percent to P17.21 per kg. Week-on-week, prices were down by  less than one percent.

Prices of yellow corn grain likewise picked up by 24 percent year-on-year to P13.98 per kg and increased by one percent on a weekly basis.

The average wholesale price of yellow corn grain increased by 12 percent to P19.88 per kg.

Retail price of yellow corn grain rose by five percent while wholesale and retail prices of white corn grain climbed 33 percent and nine percent to P20.37 per kg and P29.92 per kg, respectively.