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Bread prices feared spike amid rising flour costs
By Nidz Godino
GOVERNMENT is looking into permission request of bread industry to price spike.
Bread makers are seeking clearance from Department of Trade and Industry (DTI) to increase price of their products, including packs of Pinoy Tasty and Pinoy Pandesal.
Philbaking President Johnlu Koa said driving factor behind their request is soaring price of flour. He said flour prices have already gone up from P710 per sack to P995 currently.
Koa said in case there was a price increase after January 15, it should be staggered to protect consumers from potential impact. He proposed to implement it in three tranches of around P2 per pack.
Currently, Pinoy Tasty is sold at P35 per pack, while Pinoy Pandesal is sold at P21.50 per 10 pieces.
According to Koa, flour millers are expected to raise their prices again by August.
Trade Undersecretary Ruth Castelo said government already expected bread makers to ask for a price hike since they’ve been holding off on doing so since last year.
She said if bread makers went through with it, the hike should be minimal.
Community bakers meanwhile agree with Philbaking’s statement. But they insist there were other factors behind the price hike, such as rising LPG and power costs.
Tinapayan owner Chito Chavez said important for government to explain why bread prices are rising amid pandemic.
This comes as another oil price hike is expected next week.
Based on data from Monday to Thursday’s trading, imported gasoline may rise by P0.60 per liter while diesel could go up by P0.80 per liter. Kerosene prices on the other hand could go up by P0.60 per liter.
Industry sources said expected oil price hike is due to weakening of peso against dollar and tightness in oil and natural gas supplies in some parts of the world.
Meanwhile, energy utility firm Meralco is set to announce power rate adjustment on Monday.
But its spokesman Joe Zaldarriaga said any rate movement, either up or down, should be minimal.
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