Agricultural prices surge in Q3 2022

MANILA, Philippines — Prices of agricultural products sold by farmers and fisherfolks accelerated in the third quarter of 2022 due to higher growth across all commodities.

Latest figures from the Philippine Statistics Authority (PSA) showed that the Producer Price Index (PPI) for agriculture jumped to 15.2 percent in July to September last year from 13.1 percent in the previous quarter and 10 percent in the same period last year.

This brings the national average growth rate of PPI for agriculture for the whole year at 11.4 percent.

The PSA also noted that Eastern Visayas recorded the highest annual growth rate of 57.7 percent among the regions outside the National Capital Region.

Meanwhile, Northern Mindanao was the only region that posted annual decline of 1.4 percent.

In terms of major commodity groups, the PPI for livestock and poultry saw the highest annual increase to 17.5 percent as of end-September.

The PPI for poultry moved up at a faster pace of 30.8 percent while that for livestock rose 11.1 percent.

The PSA also reported that the PPI for crops rose further to 16.4 percent in the third quarter from 14.1 percent in the previous quarter.

The overall index for crops was pushed by increments in commercial crops, growing at a faster pace of 33.5 percent, and fruits, which grew 1.6 percent from a negative growth in the previous quarter.

While growing at a slower pace, cereals and root crops still recorded increases of 6.8 percent and 12.7 percent, respectively, during the period.

On the other hand, declines were recorded in the indexes of beans and legumes, fruit vegetables, leafy vegetables and condiments.

The fisheries sector saw a 5.3-percent rise in its annual prices, though at a slower pace from 6.8 percent in the previous quarter.

The PSA said lower increases were observed in aquaculture at 2.5 percent, commercial fishery at 11 percent, and marine municipal fishery at 8.1 percent.

Inland municipal fishery also pulled down the average with a 4.7-percent decline, a turnaround from the 0.3-percent growth in the previous quarter.

The PPI for Agriculture measures the average change in average farmgate prices received by farmers, livestock and poultry raisers, and fisherfolks for the sale of their agricultural products relative to a base year.