The average farm-gate price of paddy rice in the fourth week of January reached P18.08 per kilogram, 3.32 percent higher than the P17.50/kg recorded a year ago, according to the latest report of the Philippine Statistics Authority (PSA).
The PSA report showed that this is the first time since the second week of October last year that the average farm-gate price of palay breached the P18/kg mark.
“During the period in review, the average price of palay at P18.08/kg went up by 0.58 percent from P17.97/kg in the previous week” the PSA weekly report, titled Updates on Palay, Rice and Corn Prices, read.
On an annual basis, the average price of regular-milled rice in the fourth week of January also went up, according to the PSA.
“The average wholesale price of regular-milled rice at P34.53/kg during the week rose by 0.15 percent compared to previous week’s level of P34.48/kg. Similarly, its price inched up by 1.47 percent compared to the same week in January 2016,” the report read.
“This week’s average retail price of regular-milled rice at P37.07/kg was lower by 0.12 percent from previous week’s level. Its price, however, was higher by 0.87 percent compared to previous year’s level,” it added.
Price hikes were also seen in the average price of well-milled rice in both the wholesale and retail levels on a weekly and annual basis.
The average wholesale price of well-milled rice increased to P38.29/kg, from the P38.22/kg recorded in the third week of January. The figure is also 1.68 percent higher than last year’s P37.66/kg.
According to the same PSA report, the average farm-gate price of yellow corn rose to a 17-week high in the fourth week of January. During the period, yellow corn averaged P11.33/kg, slightly higher than the P11.31/kg recorded last week.
The figure, however, is 3.12 percent lower than the P11.70/kg posted in the same period last year.
“The average [farm-gate] price of white-corn grain retained its previous week’s level of P11.24/kg. Compared to the same week in January 2016, it declined by 11.52 percent,” the PSA said.