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THE average farm-gate price of paddy rice as of the second week of October fell by 3.16 percent to a four-month low of P21.17 per kilogram as palay harvest peaks, according to the Philippine Statistics Authority (PSA).
The PSA said the average farm-gate price of palay declined by P0.69 centavos from its previous week’s level of P21.86 per kilogram (kg).
This is now the lowest average farm-gate price of palay since June first week’s P21.16 per kg, PSA data compiled by the BusinessMirror showed.
“On the other hand, it increased by 13.03 percent from the level a year ago of P18.73 per kg,” the PSA said in its latest price monitoring report published recently.
From October 10 to 16, the PSA observed the highest farm-gate price in Davao region was at P22.98 per kg, while the lowest average quotation of P19.22 per kg was seen in the Western Visayas region.
At the wholesale level, the prices of both well-milled and regular-milled rice declined during the reference period.
“At the wholesale trade, the average price of well-milled rice at P45.16 per kg recorded a 0.64-percent decrease from previous week’s level of P45.45 per kg. It, however, moved up at a slower rate of 15.38 percent compared from its previous week’s annual rate od 15.83 percent,” the PSA said in a report published recently.
“Quoted at P42.2 per kg this week, the average wholesale price of regular-milled rice went down by 1.03 percent from P42.64 per kg in the previous week. Compared to the same week in the previous year, it was, however, higher by 18.74 percent, ” it added.
Likewise, average retail prices of well-milled rice and regular-milled rice declined during the second week of October.
“Similarly, the average retail price of well-milled rice at P48.83 per kg was lower than price level a week ago by 0.35 percent,” it said.
“The average retail price of regular-milled rice at P45.72 per kg was likewise, lower than its previous week’s level by 0.33 percent,” it added.
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