PSA records price increase in palay and well milled rice
Philippine Statistics Authority (PSA) said that farmgate price of palay during the third week of February increased at a faster rate than previous week.
In particular, the recent average farmgate price of palay stands at P19.93 per kilogram (/kg), an increment of 1.53 percent from previous week’s level and 8.08 percent from a year ago of P18.44 /kg.
At the wholesale trade, the average price of well milled rice at P40.33 /kg recorded a price mark-up of 0.90 percent from its level a week ago at P39.9/kg. Similarly, it picked up 4.45 percent from previous year’s quotation of P38.61/kg.
The average retail price of well milled rice during the week was also pegged at P43.10/kg. This was higher by 0.56 percent from previous week’s level and by 3.46 ercent from its price a year ago.
Regular milled rice, on the other hand, posts higher prices at both wholesale and retail trades.
The average wholesale price of regular milled rice at P36.90/kg at the last week of February was higher by 0.82 percent from previous week’s quotation and by 6.31 percent from a year ago level.
At the retail trade, the average price of regular milled rice at P39.31/kg went up by 0.46 percent during the week. Relative to the same period in the previous year, it also climed by 6.01 percent.
Critics are blaming the increase of prices in commercial rice to the National Food Authority (NFA) as the latter stopped supplying cheaper government rice to the market.
It is estimated that there are about 6 to 10 million Filipinos who buy NFA rice.