After dipping slightly in the third week of July, the average farm-gate price of unmilled rice recovered and reached a new record high of P21.80 per kilogram (kg) in end-July.
A price-monitoring report from the Philippine Statistics Authority (PSA) showed that the current average palay quotation as of the fourth week of July was 1.02 percent higher than the previous week’s P21.59 per kg recorded a week ago.
“This was also higher by 11.79 percent from the level a year ago at P19.51 per kg,” the PSA said in the report published recently.
The previous record-high average palay quotation was recorded in the second week of July at P21.61 per kg.
From July 25 to 31, the PSA recorded the highest farm-gate price of palay in Central Visayas region at P23.78 per kg, while the lowest quotation was seen in Autonomous Region in Muslim Mindanao at P18.50 per kg.
Also, both the wholesale and retail prices of regular-milled rice and well-milled rice varieties sustained increments during the fourth week of July.
The average wholesale price of regular milled rice at P39.13 per kg was 0.69 percent higher than the P38.86 per kg recorded in the third week of July.
“Relative to the same period in the previous year, this week’s price level accelerated by 10.72 percent,” the PSA said.
The average retail price of regular milled rice P41.49 per kg picked up by 0.78 percent compared to the previous week’s level of P41.27.
“It likewise, climbed by 9.71 percent from the level a year ago at P37.91 per kg,” the report read.
The PSA noted that the wholesale price of well-milled rice grew 0.71 percent to P42.60 per kg during the reference period, from the previous week’s P42.30 per kg.
“Relative to the same period in the previous year, it was also priced higher by 8.81 percent,” it said.
“The average retail price of well-milled rice at P45.32 per kg posted an uptick of 0.71 percent from the level a week ago. Similarly, it rose by 8.03 percent, from P41.95 per kg in the previous year,” the PSA added.
The arrival of rice imported by the National Food Authority was expected to ease the increase in rice prices. However, bad weather delayed the delivery of rice imports to NFA’s warehouses and prevented the agency from immediately distributing rice to local markets.
“It is possible that [the price of rice continues to increase due to delay in our import arrival]. If you are only infusing a little volume in the market, definitely it will affect the price,” NFA Spokesman Rex Estoperez told the BusinessMirror in an earlier interview.