Rice prices up 10% in end-June

MANILA, Philippines — Despite the continuous arrival of imports, farm gate prices of paddy rice continued the upward trend, posting an increase of 10 percent at the end of June.

 The Philippine Statistics Authority (PSA) said the average price of palay went up to P21.39 per kilogram from P19.36 per kg last year. Week-on-week, prices were also up one percent.

The average wholesale price of well-milled rice rose eight percent to P41.58 per kg year-on-year while week-on-week prices inched up by  0.5 percent.

On the other hand, the average retail price of well-milled rice increased to P44.62 per kg, up seven percent year-on-year.

The wholesale price of regular-milled rice was P38.23 per kg, 10 percent higher than the previous year.  Its average retail price also went up nine percent to P41 per kg.

State-run National Food Authority (NFA) earlier said prices would start to stabilize at the beginning of June but delays on the unloading of vessels due to weather disturbances slowed down the release of cheaper imported rice in the markets.

NFA rice serves as stabilizer in the market to avoid jacking up of the prices of commercial rice.

The state-run agency expects consumers to feel the decrease in prices by about P1 to P2 per kg starting next month.

According to the PSA, the country’s rice inventory shrank by eight percent to 2.36 million metric tons (MT) last month.  This is also 19 percent below the previous month’s stock level of 2.9 million MT.

Meanwhile, farm gate prices of white corn grain grew 16 percent to P15.93 per kg. Week-on-week, prices were down less than one percent.

Prices of yellow corn grain climbed  by 25 percent year-on-year to P14.05 per kg and increased one percent on a weekly basis.