Palay prices rise at start of 2018

Farmgate prices of paddy rice started on a high note this year, posting a seven percent jump in the first week of the month, the Philippine Statistics Authority (PSA) said.

In its first update on palay, rice and corn prices this year, PSA said the average price of palay went up to P19.01 per kilogram from P17.79 per kg last year.

Farmgate prices of white corn grain increased by 46 percent to P15.93 per kg. Week-on-week, prices were also up one percent.

Prices of yellow corn grain likewise picked up by 14 percent to P12.59 per kg and rose by a percentage point on a weekly basis.

The average wholesale price of wellmilled rice went up three percent to P39.41 per kg year-on-year. Week-onweek prices were also up 0.36 percent.

On the other hand, the average retail price of well-milled rice rose two percent to P42.35 per kg.

The wholesale price of regular-milled rice increased four percent to P35.82 per kg. Its average retail price also rose three percent to P38.15 per kg.

The average wholesale price of yellow corn grain grew by 10 percent to P18.73 per kg.

Retail price of yellow corn grain also inched up one percent while wholesale and retail prices of white corn grain climbed 27 percent and 15 percent to P19 per kg and P29.52 per kg, respectively.