Rice prices continue to go up
Despite the arrival of imported rice, the price of rice in the local market has remained high.
Philippines Statistics Authority (PSA) said in its latest data that “faster rates of price increases are noted at wholesale and retail trades of well milled rice”.
During the third week of June, the average wholesale price of well milled rice was at P41.46 per kilogram (/kg).
This is 0.22 percent higher from a week ago level of P41.37 /kg and 6.86 percent from previous year’s price of P38.80 /kg.
As for the average retail price of well milled rice, it increased further by 0.18 percent to P44.21/kg from P44.13 /kg in the previous week. Compared to the previous year’s price level of P41.80 /kg, it was also higher by 5.77 percent.
As for regular milled rice, PSA said continues price hikes are also observed at both wholesale and retail trades.
At the wholesale trade, the average price of regular milled rice was registered this week at P38.06 /kg, higher by 0.32 percent from previous week’s level and by 8.77 percent from a year ago level of P34.99 /kg.
Similarly, the average retail price of regular milled rice went up by 0.32 percent to P40.57/kg from previous week’s record of P40.44/kg. It was higher than the previous year’s level by 7.67 percernt
PSA said farmgate price of palay likewise rose by 0.56 percent to P21.36 /kg from a week ago level of P21.24 /kg. It was likewise higher by 10.79 percent than the level of P19.28 /kg in the same period last year.