WHOLESALE RICE PRICES SOAR 31.2% IN MARCH, PSA REPORTS
WHOLESALE rice prices jumped 31.2 percent in March 2024, according to the latest data released by the Philippine Statistics Authority (PSA).
Based on the data, the fastest increase in regular milled rice is in the National Capital Region (NCR) where the price of the staple surged 58.7 percent.
The PSA said this was followed by the Davao Region where regular milled rice prices soared 43.6 percent in March 2024.
“Wholesale price refers to the price of commodity transacted in bulk for further resale or processing. It is the actual ‘spot’ transaction price received usually by the wholesalers, distributors or marketing agents for large lots but net of discounts, allowances, and rebates,” the PSA explained.
Based on the data, the average price of regular milled rice nationwide reached P47.44 per kilo in March 2024, higher than the P36.17 per kilo in March 2023.
However, this was a 0.5-percent contraction in regular milled rice prices in February 2024 when the price averaged P47.69 percent.
In NCR, the average price of regular milled rice was at P45.38 per kilo in March 2024, significantly higher than the P28.60 per kilo level recorded in March 2023.
However, this was 7.4 percent lower than the P49 per kilo average recorded in February 2024. The data showed the year-on-year increase of regular milled rice prices soared to 71.7 percent in February 2024 compared to the P28.53 per kilo posted in February 2023.
PSA data showed regular milled rice wholesale prices in Davao Region averaged P50.73 per kilo in March 2024, higher than the P35.33 per kilo posted in March 2023.
Similar to NCR, compared to February 2024, wholesale rice prices contracted 0.1 percent from the P50.77 per kilo average during the period.
The growth in wholesale regular milled rice prices in February 2024 posted a 51.3-percent year-on-year increase from the P33.55 per kilo level in February 2023.
PSA said the monthly data on the wholesale selling prices for agricultural commodities are obtained from the results of the Wholesale Selling Price Survey conducted every week of the reference month.