Expensive agricultural goods are a cause for concern not only for consumers, but also for local producers. Increases in the price of food items sold in the domestic market would usually mean more income for our farmers.
In the case of the Philippines, however, costly farm goods tend to encourage unscrupulous traders to bring in products from other countries through illicit means.
The items were seized while consumers grappled with sky-high onion prices. Onions, considered a key ingredient in making Filipino dishes, were sold for as much as P700 per kilogram in December 2022. Lawmakers blamed the onion cartel for the surge in prices in 2022, but it may have been just one of the factors that caused the crisis. Data from the Philippine Statistics Authority indicated that the Philippines remains reliant on imports to beef up the domestic supply not only of onions but also of other food items. And our dependence on imported food items caused us to pay more for agricultural products as a result of Russia’s attack on Ukraine in February 2022.
FAO said its All Rice Price Index averaged 137.3 points in May 2024, up 1.3 percent from April and 7.5 percent above its year-earlier level.
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