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JULY 4, 2018- RICE PRICES INCREASE FOR 24TH STRAIGHT WEEK DESPITE ENTRY OF IMPORTED SUPPLY

source: business.mb.com.ph

The entry of cheaper imported rice had done very little so far to the cost of rice in the country, which haven’t retreated even by a single week over the past six months. Based on the latest data provided by Philippines Statistics Authority (PSA), both farmgate price of palay as well as the prices of well-milled and regular-milled rice are still on the rise for the 24th straight week. During the third week of June, the average wholesale price of well-milled rice stood at P41.46 per kilogram (kg), which is 0.22 percent higher from a week ago level of P41.37/kg and 6.86 percent from previous year’s price of P38.80/kg. Compared to the previous year’s price level of P41.80/kg, it was also higher by 5.77 percent. As for regular-milled rice, “continues price hikes are also observed at both wholesale and retail trades,” PSA said. At the wholesale trade, the average price of regular-milled rice was registered this week at P38.06/kg. It particularly picked up by 0.32 percent from previous week’s level and by 8.77 percent from a year ago level of P34.99/kg. The average retail price of regular milled rice, on the other hand, went up by 0.32 percent to P40.57/kg from previous week’s record of P40.44/kg. It was higher than the previous year’s level by 7.67 percent As for the farmgate price of palay, it also increased by 0.56 percent to P21.36/kg from a week ago level of P21.24/kg. It was likewise higher by 10.79 percent than the level of P19.28/kg in the same period last year. Five suppliers from Thailand and Singapore were earlier awarded with the contract to supply another 250,000 MT of 25 percent broken, well milled long grain white rice for the NFA. The fresh stocks will form part of the NFA’s food security stocks during the lean months of July to September. Bulk of the volume or 200,000 MT are scheduled to arrive in the country not later than July 31, 2018, while the remaining 50,000 MT should be delivered not later than August 31, 2018.