Price growth for farm products slows in Q1

PRICE GROWTH in farm produce and fisheries products slowed in the first quarter, according to indices released by the Philippine Statistics Authority (PSA).

In a report, the PSA said that the producer price index (PPI) for agriculture rose 21.7% in the three months to March, retreating from the 24.7% posted in the fourth quarter of 2022. On a year-on-year basis, the growth rate in the fourth quarter remains significantly higher than the 5.6% reported for year-earlier period.

The PPI for crops showed a deceleration in price growth to 28.5% from 32.3% a quarter earlier.

Slower year-on-year price increases were noted in cereals (7% from 9%), root crops (12.1% from 18.1%), fruit vegetables (3.3% from 3.5%), leafy vegetables (26.5% from 29.4%) and commercial crops (51.6% from 60.4%).

On the other hand, growth rates accelerated in beans and legumes (23.6% from 17%) and fruit (7.1% from 3.9%).

Condiments posted year-on-year price growth of 52.2%, reversing a 24.9% decline in the fourth quarter.

The PSA said growth in fisheries prices was 12.6%, accelerating from 5.4% previously, led by aquaculture products and commercial fish where price growth was 20% and 21.1%, respectively.

Slower year-on-year growth rates was noted in marine municipal fisheries (1.5%), while prices declined 1.6% for inland municipal fisheries. — Sheldeen Joy Talavera