Mid-Sept. sees drop in rice price, but still above gov’t cap
The Philippine Statistics Authority (PSA) reported that the average price of well-milled rice dropped in mid-September but still exceeded the government-mandated cap of P45.
Based on PSA latest price situationer report, a kilogram of well-milled rice at the national level amounted to an average retail price of P51.77 during the second phase of the month from Sept. 15 to 17.
In the first phase, before the rice cap was implemented on Sept. 5, the average retail price of well-milled rice had an average retail price of P53.19.
While the rice price decreased by 2.7 percent in the second phase, it is still higher by 2.1 percent compared to the P50.69 average retail price of well-milled rice recorded in the second phase of August.
Of the regions, Bangsamoro Autonomous Region in Muslim Mindanao registered the highest average retail price of well-milled rice at P57.03 per kilo, while the lowest average retail price was registered in Region XII at P47.39 per kilogram during the second phase of September.
President Marcos lifted the rice price ceiling last Oct. 4.
Meanwhile, the country’s rice stocks also swelled to 1.632 million metric tons as of Aug. 1.
This was lower by one percent compared to the 1.633 million metric tons recorded in the same period a year ago.
Likewise, it also declined by 9.5 percent compared to the previous month’s level of 1.80 million metric tons.
Rice stocks in National Food Authority depositories and household sector also saw declines of 62.1 percent and 19.6 percent as of Aug. 1, respectively, as opposed to the stocks recorded in the same period a year earlier.
However, rice stocks in the commercial sector saw a significant increase of 33.6 percent during the month compared to the inventory in August last year.
The rice stocks in August are also lower compared to the inventory in July, with NFA depositories decreasing by 16.3 percent, household sector by 16.1 percent, and commercial sector by four percent.
Of this month’s total rice stocks, 57.9 percent were from the commercial sector, 39.0 percent were from the households, and 3.1 percent were from NFA depositories.https://mb.com.ph/2023/10/17/mid-sept-sees-drop-in-rice-price-but-still-above-gov-t-cap
Published Date: October 17, 2023