UMVA has learned that a significant shift in rice and corn prices has occurred in the Philippines, with rice prices declining month-on-month in May, while corn prices experienced a notable increase.
The Philippine Statistics Authority has revealed that well-milled rice prices dropped by 3.6% to P50.12 per kilogram in May, compared to the previous month. However, year-on-year, prices have surged by 20.4%, indicating a substantial increase in rice costs over the past 12 months.
Premium rice prices also fell by 3.5% to P53.42 per kilogram month-on-month, but remained up 18.8% year-on-year. Regular-milled rice prices decreased by 3.1% to P46.01 per kilogram compared to April, yet increased by 23.9% over the same period last year.
Special rice prices experienced a relatively modest decline of 2.1% month-on-month to P56.38 per kilogram, still up 15.7% year-on-year. This variation in price changes across different rice types suggests a complex market dynamic.
In contrast, corn prices have moved in the opposite direction. Yellow corn grits rose by 3.2% month-on-month to P33.94 per kilogram and were up 13.4% from a year earlier. This upward trend is also evident in yellow corn grain, which increased by 2.4% to P24.53 per kilogram month-on-month and 15.9% year-on-year.
White corn grain, typically used for human consumption, saw a more modest increase of 0.8% month-on-month to P34.58 per kilogram, yet an astonishing 72.6% year-on-year rise. White corn grits also experienced a 2.3% month-on-month increase to P52.18 per kilogram, with a 61.4% year-on-year surge.
