CEBU, Philippines - The Department of Trade and Industry has announced that costs of bread products would possibly go down this holiday season as international wheat price has significantly gone down.
The agency's Consumer Protection Group said global wheat price is now pegged at $210 per metric ton for the past three months from the previous rate of $240 to $250 per MT.
Last year, price of wheat in the international market ranged from $350 to $400 per MT.
Zaide Bation, DTI-7's Consumer Welfare Division chief, said that if the decrease in flour price is that much, then it is only right that cost of bread should also be slashed down.
She said price reduction of any basic commodity is definitely possible especially if the other cost elements of the product have remained stable.
Currently, the suggested retail prices for 450g Pinoy Tasty bread is P37 while for 10-pieces Pinoy Pandesal is P22.50.
Price monitoring data of DTI Central Visayas has showed that as of September 5 to 26, ex factory prices of hard flour range from P850 per 25kg bag to P870.
On the other hand, costs of soft flour range from a low of P740 per 25kg bag to a high of P760.
Ex factory means the product's price at the factory level and does not include any other fees such as delivery and needed taxes.
In addition, the Trade Department is expected to release next week the SRPs of "Noche Buena" goods. (FREEMAN)