Prices of rice are still on the rise
Despite the entry of imported rice in the local market, prices of rice are still on the rice, according to Philippines Statistics Authority (PSA).
During the second week of this month, the average farmgate price of palay stood at P21.23 per kilogram (kg), this 0.33 percent higher from the previous week and a jump of 10.06 percent from last year’s level.
At the wholesale trade, the average price of well milled rice stood at P41.37 per kg, which is 0.05 percent higher than the previous week and 6.68 percent higher than last year.
Similarly, the average retail price of well milled rice went up to P44.13 per kg.
As for regular milled rice, price incriments of 0.03 percent from a week ago and 8.43 percent from previous year’s level were registered, sending the price at P37.94 per kg.
At the retail trade, the average price is also higher at P40.44 per kg.