PSA publishes March price situations

The Philippine Bureau of Statistics released on Friday the price situation for selected agricultural commodities for the first phase of March this year.

Seven malls saw retail price increases for well-ground rice ranging from 0.11 to 2.50 pesos during the first phase of March, which is relatively higher than the price level in the second phase of February 2023.

Average retail prices for well-ground rice per kilogram fell by 0.22 pesos in Batangas city and by 0.23 pesos in Kidapawan city.

Retail prices for pork qasim at the five malls also rose by 0.83 to 10 pesos. However, retail prices per kilogram in some provinces fell by 5 pesos in Cebu City, by 10 pesos in Cabanatuan and by 15 pesos in Tuguegarao City.

Retail prices per kilogram of bangus (milk fish) varied across the 12 malls. Price changes range from an increase of 1.20 to 40 pesos and a decrease of 2.50 to 45 pesos.

Meanwhile, many shopping malls experienced a decrease in retail prices for vegetables during the first phase of March 2023.

During this period, retail prices per kilogram of red onion fell from 12 to 248.50 pesos in 15 shopping malls. However, an increase in prices for red onions by 85 cents was observed in the city of Cabanatuan.

Prices for bananas (lakatan) per kilogram varied. In six malls it rose by 1.73 to 12.50 pesos, while in the cities of Tuguegarao and Calapan it fell by 2.50, by 4 in Iloilo, by 10 in Cebu and by 20 in San Fernando.

Decreases in average prices per kilogram of brown sugar were reported by six malls ranging from 1 to 4.62 pesos, while average retail prices per kilogram rose by 0.28 pesos in the Capital Region, by 2 pesos in Tuguegarao City and by 4 .50 pesos. in the city of Cabanatuan in the first phase of March.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said agricultural prices have eased following a seasonal increase in demand in the second half of 2022.

“After the new year, improved summer season weather conditions after the hurricane damaged agriculture in the second half of 2022, until about January 2023, targeted imports of sugar or onions, and a one-year extension of reduced import tariffs. for rice, corn, meat, coal as part of non-monetary measures,” the chief economist said.