Group asks gov’t to maximize price drop in global food prices

Filipino consumer group Bantay Palengke today asked the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) to get the most out of a two-year low on world food index as announced by the United Nations.

The Food and Agriculture Organization (FAO) of the UN earlier this week revealed that the world food price index, tracking the most internationally-traded food products, fell from April’s 127.7 to May’s 124.3 points, marking the lowest since April 2021.

According to Bantay Palengke Convenor Lester Codog, “This two-year record low is happening even as the global price for sugar, rice, and meat is increasing. It is because of an apparent decline in prices of vegetable oils and dairy products. We suggest that our government do everything to take advantage of this situation to provide relief to our fellow Filipinos who are still suffering from high local food prices.”

Data from FAO indicated that the vegetable price index decreased by about 9% while world dairy prices slid over 3%. It was noted that world vegetable oil prices eased due to an increased supply of oilseed in the midst of low demand for palm oil, while the global dairy price index is reflecting the seasonal upsurge of milk output in the northern hemisphere.

“We know for a fact that our country imports cooking oil and milk as our local production cannot catch up with consumer demand. We should look for ways to benefit from this global slump in the prices of food products that Filipinos consume on a daily basis. If we cannot do it for rice, sugar, and meat for now, at least we can help them balance their household food budget by making affordable cooking oil and dairy products available,” Codog added.