Palay farmgate prices up for 10th straight week
In its regular update on palay, rice and corn prices, PSA said the average price of palay went up to P20.22 per kilogram from P18.60 per kg last year. Week-on-week, prices were also up one percent. AP/file
MANILA, Philippines — Farm gate prices of paddy rice continued their upward trend for the 10th straight week, rising nine percent in the first week of March, 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 P20.22 per kilogram from P18.60 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 P40.68 per kg year-on-year and week-on-week prices also went up one percent.
On the other hand, the average retail price of well-milled rice increased four percent to P43.38 per kg.
The wholesale price of regular-milled rice went up seven percent to P36.92 per kg. Its average retail price also increased seven percent to P39.55 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 this year, declining by 22 percent to 1.8 million metric tons (MT) as of February.
According to the PSA, the total rice inventory as of end-February was lower than the 2.3 million MT recorded in 2017 and was 22 percent lower than the 2.29 million MT in January.
Stock inventory of Filipinos’ main staple will be sufficient for 53 days.
Meanwhile, farm gate prices of white corn grain grew 30 percent to P17.25 per kg. Week-on-week, prices were slightly up.
Prices of yellow corn grain likewise picked up by 22 percent year-on-year to P13.88 per kg and increased by two percent on a weekly basis.
The average wholesale price of yellow corn grain increased 11 percent to P19.75 per kg.
Retail price of yellow corn grain also inched up four percent while wholesale and retail prices of white corn grain climbed 32 percent and eight percent to P20.37 per kg and P29.92 per kg, respectively.
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