The average farm-gate price of unmilled rice has inched closer to P21 per kilogram price level as the commodity rose to an 11-week high of P20.40 per kg quotation, latest preliminary data released by the Philippine Statistics Authority (PSA) showed.
In its weekly price monitoring report, the PSA said the average farm-gate price of palay as of third week of March rose 0.34 percent, from P20.33 per kilogram quotation recorded in the previous week.
“Moreover, it was higher by 9.74 percent compared to the same period in the previous year,” the PSA said in its report published on Monday.
For the March 14 to 20 period, the PSA said the highest average farm-gate price of palay was recorded in Davao del Sur at P24 per kilogram.
Meanwhile, the lowest price quotation of palay was recorded in Compostela Valley at P17.50 per kilogram.
Meanwhile, the retail prices of well-milled rice and regular-milled rice during the reference period rose also to an 11-week high of P43.42 and P39.68 quotations, respectively.
The figures were 0.09 percent and 0.08 percent higher than their previous week’s price levels, respectively.
The retail prices of well-milled rice and regular-milled rice as of March third week were also 4.70 percent and 7.38 percent higher than their quotations recorded same time period last year, respectively.
“Relative to the previous week’s level of P40.64 per kg, the average wholesale price of well- milled rice at P40.71 per kg picked up by 0.17 percent during the week. Similarly, it rose by 5.77 percent, from a year ago quotation of P38.49 per kg,” the PSA said in the report.
“The average wholesale price of regular-milled rice at P37.11 per kg went up by 0.13 percent, from previous week’s quotation. It also recorded an uptick of 7.38 percent, from a year-ago price level of P34.56 per kg,” it added.