The average farm-gate price of dry palay as of fourth week of October dropped to P15.36 per kilogram, its lowest level in nearly three months, amid peak harvest, latest Philippine Statistics Authority (PSA) data showed.
Preliminary PSA data showed average quotation for dry palay during the reference period fell by 0.39 percent from previous week’s P15.42 per kg average price level.
Likewise, the latest price survey was 1.39 percent lower than last year’s P15.58 per kg of dry palay, based on PSA data.
Historical PSA data showed that this is now the lowest average dry palay prices for the 11th consecutive week as domestic rice harvest peaked.
Furthermore, PSA data indicated that this is the third straight week that farm-gate prices of dry palay are lower than last year’s average quotations.
Meanwhile, PSA data showed that wholesale and retail prices of well-milled and regular-milled rice showed mixed trends during the reference period.
The wholesale and retail prices of well-milled rice picked up during the fourth week of October while the wholesale price of regular-milled rice increased but its retail price declined.
“The average wholesale price of well-milled rice inched up to P37.57 per kilogram or by 0.2 percent during the week, compared with its previous week’s level of P37.48 per kg. It also rose at an annual rate of 0.4 percent from its average price of P37.43 per kg during the same period of the previous year,” the PSA said in its weekly price report.
“Relative to its level of P41.42 per kg in the previous week, the average retail price of well-milled rice increased to P41.48 per kg, or by 0.1 percent this week. However, it went down at an annual rate of 0.4 percent from its price level of P41.65 per kg in the same week of the previous year,” it added.
PSA data showed that the wholesale price of regular-milled rice slightly grew to P33.47 per kg from its previous week’s P33.45 per kg and P33.45 per kg recorded last year.
However, the retail price of regular-milled rice fell to P36.58 per kg from P36.67 per kg and P36.59 per kg recorded price levels in the previous week and year, respectively, based on PSA data.
Image credits: Nonie Reyes