The wholesale prices of rice products increased in January 2024, according to the data released by the Philippine Statistics Authority (PSA) on Monday.
Based on its statistical table, the average wholesale prices of special rice rose to ₱55.11 per kilogram (kg) in January 2024 from ₱54.14/kg in December 2023. This registered a 1.8 percent month-on-month growth rate.
The wholesale price of premium rice hiked by 1.7 percent as it went up to ₱54.14/kg in January 2024 from ₱53.23/kg in the previous month.
Well-milled rice which was previously prized at ₱49.11/kg in December 2023 was sold for ₱49.86/kg in January 2024.
Regular milled rice which was purchased by wholesalers at ₱45.83/kg in December 2023 hiked to ₱46.60/kg in the following month.
PSA defines wholesale prices as "actual “spot” transaction price received usually by the wholesalers, distributors, or marketing agents for large lots but net of discounts, allowances, and rebates."
The statistics agency earlier reported that the prices of goods and services or inflation slowed further down to 2.8 percent in January 2024.
The downtrend in inflation was attributed to the slower inflation of food and non-alcoholic beverages, restaurants and accommodation services, and alcoholic beverages and tobacco.
However, PSA noted that rice inflation ballooned to 22.6 percent in January 2024 from the 19.6 percent recorded in December 2023.
