The average farmgate price of palay (unmilled rice) fell by 23 centavos to P17.62 per kilo in August from a month earlier, the Philippine Statistics Authority (PSA) reported late on Monday.

It was, however, 2.3 percent higher compared to the year-earlier P17.23/kilo. The highest year on year price increase was recorded in the Western Visayas (13.6 percent) while the biggest drop was in the Eastern Visayas (13.4 percent).

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