Bread prices seen to drop

MANILA, Philippines–Prices of bread are expected to drop before the end of the year, given the continued decline in the cost of wheat in the world market, the Department of Trade and Industry said on Wednesday.

Trade Undersecretary Victorio Mario A. Dimagiba noted in a press briefing that wheat prices now stood at about $218 per metric ton (MT) as against the $240 per MT about three months ago.

This decline, Dimagiba explained, should be reflected in the cost of flour produced domestically. As it is, the ex-mill rate of flour has already fallen by P30 per 25-kilogram bag according to the trade official. Flour is said to account for more than 50 percent of the total cost to produce bread products.–Amy R. Remo