MANILA, Philippines — The price of the Gardenia loaf bread has risen by P1 to P59.50 due to an increase in the prices of local flour over the past months.
Simplicio Umali Jr., president of the Gardenia Bakeries Philippines Inc., said by phone that prices of locally milled flour rose to P930 per 25-kilogram sack from only P880 last April.
“If flour price continues to go up, we will have to adjust further upward,” Umali said.
For now, Umali said they have initially adjusted the price only of the white loaf bread as this product comprised roughly 50 percent of their volume sales. Other products may follow suit, depending on the movements of flour prices.