MANILA, Philippines?Members of the Philippine Association of Flour Millers (Pafmil) will increase the prices of both hard and soft flour to reflect the surge in wheat prices brought about by Russia?s ban on grain exportation.
In a statement Monday, Pafmil said local flour prices would have to reflect international prices of wheat, the main ingredient of flour.
?Local wheat flour millers will have to raise flour prices to reflect the higher cost of wheat... the schedule of price increases will vary per mill due to their marketing strategies and market position,? Pafmil said.
The still-unscheduled increase would jack up the price of hard flour to P750-P760 per 25-kg bag, from the current P690-P700. Prices of soft flour, on the other hand, would go up to P650-P660 per bag, from P590-P600.
Bakers use hard flour to make bread products like pan de sal and loaf bread, and soft flour to make pastries and cookies.
Pafmil explained the drastic price increase was a result of the Russian government?s decision to ban grain exports to protect domestic supply. Russia recently suffered its worst-ever heat wave, which could reduce the grain harvest by up to 40 percent to only 60 million tons this year.