Sugar prices seen to stabilize this month

MANILA, Philippines - Sugar prices are expected to stabilize by the end of November while flour prices will go up in the coming weeks, a businessman said.

Capiz Sugar Mills president Alfonso Uy said that the price of sugar will be under control by November but flour prices may go up.

Uy said that sugarcane harvest will be ready by November, ensuring a steady supply which will have a positive impact on the price. The Philippines has been importing sugar from other countries.

On the other hand, flour prices may go up given the spike in the price of US wheat. The United States is the country’s biggest source of wheat.

“The wheat prices in the international market has gone up sharply. Two months ago it has gone down but now it has jumped up again,” Uy, who is also the president of Philippine Foremost Milling Corp., the second largest mill in the Philippines told reporters.

Uy said he is uncertain when the prices will go up because it depends on the costs of the millers. “You can’t fight the cost.” He said that there is a reason to be concerned because the United States has come out with a report that the production will be lower.

Earlier, the Philippine Association of Flour Millers (PAFMIL) announced that there will be two more increases in flour prices this year after adjusting the price last August.

Bakers have already said that for every P40 increase in the price of flour a corresponding P1 increase in loaf bread prices follows. The P160 increase translates to a P4 increase in the price of loaf bread and P2 increase for the price of a 10-piece pack pan de sal.

Show comments