Update on Food Prices amid the Tension Between Ukraine-Russia
FOOD PRICES – The prices of noodles, meat, and chicken in the Philippines have the possibility to increase due to the crisis in Ukraine.
The Philippines is undeniably facing a lot of challenges right now. The COVID-19 pandemic which dragged its economy down is not yet over thus the restrictions cannot be fully eased. Amid the pandemic, several businesses either temporarily or permanently shut down due to lockdown measures that were needed to prevent the spread of the virus.
For several months, businesses were on limited operations and they incurred only expenses with no return. The closure of several companies also led to the unemployment rate getting high because many people are losing their jobs.
The economy of PH greatly suffered amid the pandemic. Another current struggle is the increase in the prices of oil. The prices of fuel are taking an upward trend since January.
A lot of Filipinos, private vehicle owners and public utility vehicle (PUV) drivers, are greatly affected by the continuous oil price increases in the country. According to the authorities, the oil price hike is due to the huge demand for oil across the globe. There are limited supplies now.
However, amid the current challenges, an increase in food prices is also possible. Based on an article on ABS-CBN News, it is due to the ongoing crisis in Ukraine.
Ukranian is currently in the midst of tension with Russia, one of the superpowers in the world. Reports state that a lot of people died due to the war between the two (2) countries. Its effects may be felt in some other nations too in the next few days.
Based on a report on ABS-CBN News, the increase in the food prices may include the prices of noodles, chicken, and meat. According to socioeconomic planning secretary Ernesto Pernia, it is due to the expected increase in the price of wheat that the Philippines import from other countries.
Presidential Adviser for Entrepreneurship Joey Concepcion said that the public may not be able to cope with the increase in food prices thus the restrictions must be eased so the people can work. He stressed that it is important that more businesses can resume their operation under Alert Level 1 so the people can start earning and preparing for what might happen.
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