PSA: Farmgate palay price soars to P23/kg
THE farmgate price of palay (unmilled rice) rose to P23.04 per kilogram last week, a 1.32-percent increase from the P22.98 posted in the first week of September and a 17.43-percent surge from the amount a year ago, the Philippine Statistics Authority (PSA) said.
Based on PSA data, the latest amount is the highest recorded for the staple since the El Niño phenomenon caused palay production to drop in 2015. The price during the third week of September that year was P20.91.
According to Agriculture Secretary Emmanuel F. Piñol, the average farmgate buying price of fresh palay is now P22 per kg, while that of dry palay goes as high as P29.50 per kg in Nueva Ecija province and P29 per kg in Region 2 (Cagayan Valley).
These figures, he said, are the “highest in the history of the rice industry,” and translate into increased income for local farmers.
The average wholesale price of well-milled rice rose by 16.93 percent to P45.92 per kg from P39.30 a year ago. Week-on-week, the price climbed by 0.90 percent.
The retail price increased by 1.10 percent to P48.93 per kg. Year-on-year, the price soared by 15.73 percent.
The wholesale price of regular-milled rice grew by 21.15 percent to P43.13 per kg from last year’s figure. Average retail price also rose by 20.26 percent to P45.71 per kg.
Rice prices have been increasing since the start of the year following the lack of supply of the government-subsidized rice from the National Food Authority (NFA) in the retail market.
According to the PSA, total rice inventory in end-July was 1.52 million metric tons (MMT), a 25.01-percent plunge from 2.03 MMT in 2017 and a 23.61-percent drop from 1.99 MMT in end-June.
The Department of Agriculture (DA) had said national rice stocks were enough for for 40 days, while NFA buffer stocks were good for two days.
It noted, however, supply would become adequte once the harvest season begins at the end of September.
Meanwhile, farmgate prices of white corn grain grew by 1.25 percent to P14.56 per kg, but fell by 0.27 percent weekly.
Prices of yellow corn grain increased by 30.18 percent year-on-year to P14.71 per kg. Week-on-week, prices climbed by 1.59 percent.
The average wholesale and retail price of yellow corn grain rose by 16.65 percent to P21.02 per kg and by 14.07 percent to P25.37 per kg, respectively.
The wholesale price of white corn grain increased by 16.55 percent to P20.78 per kg, while its retail price decreased by 5.89 percent to P29.52 per kg.
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