Bakers set to hike bread prices

CONSUMERS have to brace for higher prices of bread next week due to the unabated rise in sugar prices.

Members of the Philippine Baking Industry Group (Philbaking) said they will increase prices of loaf bread by about P2 and a 10-pack pandesal by P1.

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Bakers said they could no longer hold off the adjustments since sugar prices have gone up by 60 percent from late last year's prices.

“We are pushing through with the price hike maybe by the 8th or 9th. It is very sad to note that sugar prices are still up," said Philippine Baking Industry President Walter Co in a radio interview.

In January alone, they said sugar prices were up by 16 percent. Co added that the group wanted to jack up prices last December, but decided to postpone it in the spirit of the Christmas season.

The Sugar Regulatory Administration (SRA) said refined sugar should retail for only P52, amid reports that prices of sugar had gone up to P60 per kilo in recent weeks.

SRA chief Rafael Coscolluela earlier said the increase was too much.

Coscolluela added the government will import 150,000 metric tons of sugar, which will come in between May and August.

Bakers are urging the government to control local sugar prices. They are also hoping that flour prices would remain stable to avoid more price increases.

The Department of Trade and Industry (DTI) has asked bread makers to hold price increases while it tries to bring down sugar prices to P43 per kilo. (Virgil Lopez/Sunnex)