Rice prices go up slightly over past two months

The Philippine Statistics Authority has reported a slight uptick in the price of well-milled rice over the last two and one-half months.

Rice retailers said the increase in the buying price of palay by the government has also spurred local traders heighten their palay buying by topping off a few more pesos on what the government offered to the farmers. With the government and traders competing for local harvest, the price of wet paddy rice effectively increased from P23 to P24/kg., while dry palay fetches P29.50 to P30/kg.Based on the DA Rice Outlook, total national supply was at 6.23 million metric tons , while total demand was at 3.83 million MT.

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