Price of palay up to more than P22 per kilogram
Philippine Statistics Authority (PSA) said the price of palay went up to P22.11 per kilogram — the first time it went past the P22-per-kg level — at the start of this month.
This was faster than its previous week’s rate of 1.02 percent, while relative to the previous year’s level of P19.59 per kg, it was higher by 12.86 percent.
During the period, the wholesale and retail prices of regular-milled rice and well-milled rice varieties also breached a new price ceiling.
“For the first time in history, the average wholesale price of well-milled rice breached the P43 per kg level,” a report in Business Mirror showed.
At the wholesale trade, the average price of well-milled rice at P43.18 per kg posted an increment of 1.36 percent from the level a week ago. This was higher compared to the previous week’s rate of 0.71 percent.
Relative to the price in the same period of the previous year, it rose by 10.10 percent.
The average retail price of well-milled rice at P45.71 per kg also picked up by 0.86 percent, from its previous week’s level of P45.32 per kg. The figure was also 8.60 percent higher than its P42.09 per kg average quotation last year.
Meanwhile, both the average wholesale and retail prices of regular-milled rice rose to an all-time high of P40.08 per kg and P42.26 per kg, respectively.