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Onion now Tk1,350 per kg in Philippines

Staff Correspondent
28 Jan 2023 00:00:00 | Update: 28 Jan 2023 00:26:40
Onion now Tk1,350 per kg in Philippines

Onion prices in the Philippines have hit world-wide highs with the country approving additional imports to address the issue.

According to official statistics, the price of onions surged in the Philippines to around 700 pesos ($12.80) which is around Tk 1,350 per kg last month, reports BBC Bangla.

That is more than the cost of meat, and the Southeast Asian country’s daily minimum wage, according to the country’s Department of Agriculture.

According to CNN, the combination of supply shortage and inflation has fuelled the situation. A number of typhoons hit the Philippines last year damaging a significant portion of crops, meanwhile, consumer prices jumped 8.1 per cent in December, hitting a 14-year high, according to the Philippine Statistics Authority.

Meanwhile, President Ferdinand Marcos Jr already approved the import of 21,000 tonnes of onions at the start of January to help alleviate the situation. However, the shipment will not arrive until the end of the month. The domestic harvest is expected to pick up soon after with the peak expected between March-May. Onions are in such high demand they are even being smuggled into the country with authorities seizing multiple shipments worth over a combined US$500,000 in December.

The Philippines’ trade department has also imposed a suggested retail price (SRP) of P250 ($4.53) per kilogram for onions. However, charges for those found exceeding the SRP are not commonly enforced. Rising prices have also hit street food stalls in Cebu, which are popular with locals and tourists. Fried vegetables, meat and seafood, are typically served with an onion and vinegar dipping sauce.

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