Cost of rice up for 37 straight weeks
Philippine Statistics Authority (PSA) said the prices of the country’s main staple went up for 37 straight weeks despite the arrival of imported supply.
Compared to previous week’s level of P45.51 per kilogram (/kg), the average wholesale price of well milled rice at P45.92/kg went up by 0.90 percent during the second week of this month. On an annual basis, it rose by 16.93 percent.
Similarly, this week’s average retail price of well milled rice at P48.93/kg posted an increase of 1.10 percent from its a week ago level of P48.40/kg. Compared with the previous year’s level of P42.28/kg, it rose by 15.73 percent.
For regular milled rice, faster rates of price mark ups were also noted for both wholesale and retail trades.
To be specific, an increment of 1.27 percent from previous week’s level was registered in the wholesale price of regular milled rice at P43.13/kg during the week. This was 21.15 percent higher than what was recorded in the previous year.
The average retail price of regular milled rice at P45.71/kg was also higher by 0.97 percent compared to its week ago level P45.27/kg. On an annual basis, it increased by 20.26 percent.
Meanwhile, the average farmgate price of palay at P23.04/kg gained by 0.26 percent compared to a week ago level of P22.98/kg. Relative to the previous year’s price level of P19.62/kg, it was likewise higher by 17.43 percent.