Wholesale, retail prices of rice, palay rising

Both wholesale and retail prices of rice continued to increase in the first week of February together with the prices of palay, data from the Philippine Statistics Authority (PSA) showed.

Distribution of low-priced rice to public markets has been constricted by the rice shortage on the part of the National Food Authority.

Wholesale and retail prices of regular milled rice during the week were up 5.08 percent year-on-year to P36.39 a kg and P38.77 a kg, respectively. Wholesale prices were higher by 0.41 percent from previous week’s level.

Retail prices, on the other hand, were up 4.47 percent from a year ago and by 0.39 percent from last week.

Similarly, wholesale and retail prices for well-milled rice picked up during the week. Wholesale price was quoted at P39.75 a kg, while average retail price was at P42.95 a kg. Average wholesale price were up 0.33 percent from a week-ago level of P39.62 a kg and 3.68 percent from the previous year’s price of P38.34 a kg.

Retail prices rose 0.09 percent from the previous week’s level and 2.43 percent compared to last year’s price level of P41.58 a kg.

Average farm gate price of unmilled rice also rose by 0.73 percent to P19.37 a kg. Compared to prices in the same period last year, this was higher by 6.84 percent.

Prices of unmilled rice are expected to go down in Visayas and Mindanao as tropical storm “Basyang” continues to bring heavy rainfall in those areas. According to the Samahang Industriya ng Agrikultura (Sinag), newly harvested palay that were not properly dried in Bukidnon and Guimaras were now being sold at P14 a kg due to the weather disturbance.