The average farm-gate price of unhusked rice in the third week of May hit its highest quotation in 14 months and remained above P19 per kilogram for the second consecutive week, latest Philippine Statistics Authority (PSA) data showed.
Latest PSA data indicated that the nationwide average farm-gate price of dry palay during the period rose 5.3 percent to P19.15 per kg, from the P18.19 per kg recorded in the same period of last year.
According to PSA data, this is the second consecutive week that the average farm-gate price of palay breached the P19-per-kg mark, after it rose to P19.06 per kg last week.
Historical PSA data analyzed by the BusinessMirror showed that this is the highest average quotation for dry palay in more than 14 months, since the P19.03 per kg recorded in the second week of March 2019.
During the reference period of May 13 to 19, the highest average farm-gate price of dry palay was recorded in Central Visayas region at P21.57 per kg, while the lowest average quotation was in Mimaropa region at P17.13 per kg, preliminary PSA data showed.
Higher prices
PSA data also showed that both the wholesale and retail prices of well-milled and regular-milled rice varieties posted a modest turnaround this week, reflecting gains at the farm gate.
“At the wholesale trade the average price of well-milled rice increased to P39.43 per kg or by 0.5 percent during the week, from its previous week’s level of P39.25 per kg,” the PSA said in its weekly price monitoring report.
“At the retail trade, the average price of well-milled rice rose to P42.5 per kg or by 0.3 percent from this week compared with its level of P42.38 per kg in the previous week.”
However, PSA data showed that on an annual basis, the wholesale price of well-milled rice was slightly lower from P39.5 per kg while the retail quotation was 1.3 percent cheaper than the P43.07 per kg recorded a year ago.
For regular-milled rice variety, its average wholesale price inched up to P35.83 per kg from previous week’s P35.73 per kg and it was also higher than its last year’s quotation of P35.77 per kg, PSA said.
“The average retail price of regular-milled rice rose to P38.25 per kg or by 0.2 percent this week, from its level of P38.17 per kg in the previous week.”
“Meanwhile, it recorded a negative annual rate of 1.3 percent as it posted a price level of P38.75 per kg during the same week of the previous year.”