THE Philippine Statistics Authority said that the average farmgate price of palay increased and has reached P20.60 per kilogram in October. 

According to the PSA, this is higher by 18.1 percent from last year's P17.44 per kg.

In their report, the PSA said that month-on-month, the average farmgate price of palay increased by 3.5 percent from its price level of P19.91 per kilogram in September 2023.

"Among regions, the highest farmgate price of palay during the month was recorded in Region X (Northern Mindanao) at PHP23.56 per kilogram, while the lowest farmgate price of palay was posted in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at PHP17.36 per kilogram," the PSA said.

Likewise the PSA said all regions, except BARMM, recorded positive year-on-year growth rates in the average farmgate prices of palay in October 2023.

On the other hand, the Northern Mindanao registered the highest annual increment of 29.2 percent, while an annual decrease of 7.3 percent was noted in BARMM.

Month-on-month, 11 regions recorded increases in the average farmgate prices of palay, while five regions posted decreases during the month.