“We were really trying to see whether we need to import a little bit.”
is looking into importing onions for immediate delivery to boost a tight supply and bring down exorbitant prices that have contributed to 14-year-high inflation, an agriculture official said on Monday.
Retail prices of red onions has skyrocketed to as high as 700 pesos per kilogramme in recent days in Manila markets, possibly the most expensive in the world according to some economists.The plan to import emerged just days after the Department of Agriculture said it would not import onions as the local harvest season was about to begin and expected to peak in February onwards.is a regular onion importer and usually buys from China and other Asian neighbours.
“We don’t really have supply of onions,” Mercedita Sombilla, undersecretary for planning at the Department of Agriculture, told Reuters. soared to 8.1% in December from a year earlier, the highest since 2008, largely driven by double-digit food inflation, which economists said is likely to prompt further monetary policy tightening this year.“Even with that production I think we still really need to intervene in the market to help push the prices a little bit lower,” she said.
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