Rice prices rise for 7th consecutive week

The upward trend in the wholesale and retail prices of rice is now on its seventh week, data from the Philippine Statistics Authority showed.

Prices of commercial rice has risen at least 20 percent since the first week of January, according to the agency.

Worse, it said, the lack of cheap, subsidized rice in the market due to the stock shortage at the National Food Authority is expected to continue until the first week of June—the scheduled arrival in the country of imported rice.

For the third week of February, wholesale and retail prices were at P36.90 per kilo and P39.31 per kilo, respectively.

Retail prices, meanwhile, rose by 0.46 percent from last week’s P39.01 per kilo.

Compared to the price in the same period last year, it rose by 6.01 percent.

Similarly, wholesale and retail prices for well-milled rice increased during the week.

Wholesale price was quoted at P40.33 per kilo, while average retail price was at P43.10 per kilo. —KARL R. OCAMPO