AUGUST 20, 2018 - FARM-GATE PRICE OF PALAY HITS P21.80/ KG
After dipping slightly in the third week of July, the average farm-gate price of unmilled rice recovered and reached a new record high of P21.80 per kilogram (kg) in end-July. A price-monitoring report from the Philippine Statistics Authority (PSA) showed that the current average palay quotation as of the fourth week of July was 1.02 percent higher than the previous week’s P21.59 per kg recorded a week ago. The previous record-high average palay quotation was recorded in the second week of July at P21.61 per kg. From July 25 to 31, the PSA recorded the highest farm-gate price of palay in Central Visayas region at P23.78 per kg, while the lowest quotation was seen in Autonomous Region in Muslim Mindanao at P18.50 per kg. Also, both the wholesale and retail prices of regular-milled rice and well-milled rice varieties sustained increments during the fourth week of July. The average wholesale price of regular milled rice at P39.13 per kg was 0.69 percent higher than the P38.86 per kg recorded in the third week of July. The average retail price of regular milled rice P41.49 per kg picked up by 0.78 percent compared to the previous week’s level of P41.27. Similarly, it rose by 8.03 percent, from P41.95 per kg in the previous year according to PSA. The arrival of rice imported by the National Food Authority was expected to ease the increase in rice prices. However, bad weather delayed the delivery of rice imports to NFA’s warehouses and prevented the agency from immediately distributing rice to local markets.