The sky-high sugar prices in fact fueled much of food inflation, with confectionery and sweetened beverages accounting for the biggest chunk. Food price spikes and the fuel price surge arising from Russia’s invasion of Ukraine in turn drove the high inflation rate. In the fourth quarter of 2022, onion prices shot up into the stratosphere, pushing food inflation to 10.7 percent and contributing to the 14-year-high 8.7 percent inflation rate in January this year.
SRA officials said that at the farmgate price of P55 a kilo, the retail price should be only P80. Imposing a suggested retail price for sugar was discussed last year amid the food-driven high inflation, but retailers especially in the wet markets said they were buying at high prices from wholesalers. So who are the lucky folks who have been making a killing from what looks like price and supply manipulation? This question has been begging for an answer for many months now.
For the second time around, heading the Department of National Defense, Secretary Gilberto “Gibo” Teodoro Jr. vows to pursue in Congress the approval of a new Defense Act. Amid the continuing controversy over confidential and intelligence funds, state universities and colleges are suggesting the realignment of a portion of the CIF to the improvement of higher education.
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