Flour prices dive on declining wheat costs
CEBU, Philippines – The Department of Trade and Industry says flour prices recently decreased due to the continued decline in the global market price of wheat.
Zaide Bation, consumer welfare chief at DTI-Cebu, told The FREEMAN yesterday that her office had received information last week from Cebu flour dealers regarding the price decrease.
Bation said the decrease ranges from P15 to P50 for a 25-kilogram of flour in all brands.
"[The] price decrease was initiated by Cebu flour dealers," she noted.
She also said it's the initiative of bakers to increase the weight of their bread products by at least 10 grams instead of cutting prices amid the flour price drop.
According to data from the International Grains Council, latest price of US wheat was at $212.40 per metric ton, down 26.4 percent from a year-ago level.
Around 90 percent of flour, which is the main ingredient in bread production, is made of wheat.
Bakeries account for a big portion of flour consumption in the country, according to DTI.
Other major flour consumers include manufacturers of noodles, cake and pastries, biscuits and other flour-based products. (FREEMAN)
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