The Department of Trade and Industry (DTI) on Thursday said it will ask flour millers and bread manufacturers to reduce the price of their products amid the decline in the price of imported wheat.
Trade Undersecretary Victorio Mario A. Dimagiba said the agency is set to meet with flour millers and bread manufacturers next week.
“We waited for three months before knocking again on the doors of flour millers. For July to August, the price of wheat has gone down by 25 percent. This has a big impact on the price of flour,” Dimagiba told reporters in a media briefing.
The Consumer Protection Group (CPG) of the DTI noted that from January to April, global wheat prices have gone down by an average of 28 percent. This has already been reflected in bread prices in August.
CPG said the latest round of price cut for wheat should result in a reduction of P1 in the prices of flour-based products.
Dimagiba also said that the weakening of the peso has a minimal impact on the cost incurred by flour millers.
Local four millers imports around 2 million metric tons of wheat annually.
Meanwhile, CPG said it is set to release the list of suggested retail prices (SRP) for flowers, candles and bottled water this month to guide consumers ahead of All Saints’ Day.
“By October 15, we’ll release the SRP of brands of candles and bottled water, then also the price list of flowers online. We want to be early so that customers will have more time to buy these basic needs for All Saints’ Day,” Dimagiba said.
The DTI also plans to expand the SRP scheme to include 15 more candle brands.
As for Noche Buena products or those that are popular during Christmas season, Dimagiba said manufacturers will submit their price list to the DTI by October 15.