Bread prices to drop on lower cost of imported flour

Bread lovers, this is a bit of good news: Expect to pay less for bread and pastries in the coming weeks with the softening in the price of imported flour.

 

“There is movement now with certain brands...” Ernesto Chua Co Kiong, president of Philippine-Turkey Business Council, told reporters at the sidelines of a meeting with the Turkish Trade Mission at the Philippine Chamber of Commerce Industry office in Global City, Taguig City on Monday.

 

“As a whole, the bakery industry is yet to adjust pricing,” he added.

 

The price of Turkish flour dropped by 4.8 percent to P580 per 25 kilo bag from P620/bag, according to flour importer Malabon LongLife Trading Corp.

 

Philippines soft flour now costs more at P750 per bag, hard flour now sells at P800 per bag.

 

Kiong said imported flour comes largely from Turkey and that prices dropped because of an oversupply in the Philippines.

 

“Importers brought in too many flour. That was the reason for the slight reduction in flour prices,” Kiong noted. — VS, GMA News Correction: Mr. Ernesto Chua Co Kiong was erroneously identified as president of Gardenia Bakeries Philippines Inc. in the second paragraph of this article. Mr. Simplicio Umali Jr. is the president of Gardenia Bakeries. GMA News Online regrets the error. Gardenia Bakeries also wishes to convey that it does not use Turkish flour in its products.