Rice prices still high despite arrival of imports

MANILA, Philippines — Despite the continuous arrival of imports, the average wholesale price of well-milled rice has increased by eight percent to P41.87 per kilogram, the Philippine Statistics Authority (PSA) reported.

The PSA noted the increase had inched up by a minimal 0.2 percent.

The wholesale price of regular-milled rice was P38.69 per kg, 10 percent higher than the previous year. Its average retail price also increased nine percent to P41.07 per kg.

In its regular update on palay, rice and corn prices, PSA said the average price of palay went up to P21.48 per kilogram from P19.42 per kg last year. Week-on-week, prices were also up by almost one percent.

The farm gate price of paddy rice remains in an upward streak for seven months now after it posted an increment of 11 percent at the start of July, the PSA said.

State-run National Food Authority (NFA) earlier said prices would start to stabilize at the beginning of June but delays on the unloading of vessels due to weather disturbances slowed down release of cheaper imported rice in the markets.

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

The NFA is expecting consumers to feel the decrease in prices by about P1 to P2 per kg starting next month.

The PSA however said the country’s rice inventory remains on a downward trend, decreasing by eight percent to 2.36 million metric tons (MT) last month.

This is also 19 percent below the previous month’s stock level of 2.9 million MT.

Meanwhile, farm gate prices of white corn grain grew 17 percent to P15.98 per kg. Week-on-week, prices were up less than one percent.

Prices of yellow corn grain likewise picked up by 28 percent year-on-year to P14.05 per kg and increased two percent on a weekly basis.