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Manila Bulletin devider Business devider Agri commodity price growth slows in Q3

Agri commodity price growth slows in Q3

Published Dec 23, 2023 03:57 am

At A Glance

  • The producer price index of agricultural commodities, such as crops and fish, continued to slow down to 7.9 percent in the third quarter from 12 percent in the previous quarter.<br>From January to September, the growth rate of agriculture prices was noted at 14.5 percent.<br>The growth rate of crop prices showed a deceleration to 12.3 percent from 18.8 percent in the previous quarter.<br>This was seen in the decline of growth prices in fruits, crops, and commercial crops.<br>The PPI for fisheries also slowed down to 2.1 percent in the third quarter from a 2 percent annual drop.<br>Meanwhile, the PPI for both livestock and poultry, however, recorded an uptrend of 2.2 percent in the third quarter from an annual decline of 5.1 percent in the previous quarter.

The Philippine Statistics Authority (PSA) reported that the upward trend in agricultural commodity prices, including crops and fish, continued to lose momentum in the third quarter.

The PSA said in a report that the annual producer price index (PPI) for agriculture dropped to 7.9 percent from 12 percent in the second quarter this year. In the same quarter of last year, the annual growth rate was recorded at 18.8 percent.

This was the lowest price growth rate for agricultural products since the fourth quarter a year ago, which was at 29.7 percent.

From January to September, the growth rate of PPI for agriculture was registered at 14.5 percent.

However, its quarter-on-quarter growth moved at a slower pace during the period with a 0.1 percent decline compared to 0.9 percent in the second quarter.

The PPI for crops showed a deceleration to 12.3 percent from 18.8 percent in the previous quarter and 20.2 percent in the third quarter a year ago.

Growth rates declined in fruits (3.4 percent from 4.2 percent), crops (15.3 percent from 20.8 percent), and commercial crops (11 percent from 29.8 percent).

On the other hand, year-on-year price increases were recorded in cereals (12.5 percent from 8.1 percent), beans and legumes (29.2 percent from 6.5 percent), condiments (142.7 percent from 91.8 percent), and leafy vegetables (101.4 percent from 11.1 percent).

Quarter-on-quarter, the growth of prices for crops increased 0.7 percent during the third quarter from 0.4 percent.

Likewise, the PPI for fisheries also slowed down to 2.1 percent in the third quarter from a 2 percent annual drop.

Among the fisheries subsectors, inland municipal fisheries saw the highest annual drop in price growth at 20.7 percent while marine municipal fisheries declined further to 3.1 percent from an annual drop of 1.1 percent.

Commercial fisheries grew at a slower pace at 0.9 percent from 1.6 percent while the aquaculture subsector registered an annual increase of 1.4 percent from 1.9 percent.

On a quarter basis, the PPI for fisheries had a slower decline of 2.1 percent from 9.0 percent decrement.

The PPI for both livestock and poultry, however, recorded an uptrend of 2.2 percent in the third quarter from an annual decline of 5.1 percent in the previous quarter.

This was due to the annual increases noted in the price growth of poultry at 1.1 percent from 1.3 percent and livestock at 3.9 percent from 7.2 percent annual decrease.

Compared to the second quarter, the PPI for livestock and poultry declined to 2.1 percent from 0.8 percent.

Related Tags

growth rate Philippine Statistics Authority agricultural commodities
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