According to a report from TIME, onions prices are skyrocketing big time. Being one of the most important ingredients in Southeast Asian countries such as the Philippines, the local demand for the vegetable per month is approximately 17,000 metric tons.
The agriculture authorities are mulling the idea of having to import around 22,000 tons worth of supply by March to neutralise the rising cost of it. They are expecting to announce it in the new few days.
The red and white onions are being sold for as high as 600 pesos per kilogram in the country. That’s approximately three times pricier than chicken and up to 50 per cent more expensive than pork or beef. In fact, it is also more expensive than the minimum wage for a day’s work in the Philippines.
Why? The first reason, the Russian-Ukraine war is putting a strain on the supply chain and eventually food prices everywhere across the globe, the Philippines included. The second reason is the country’s inflation rate. As of December, the Philippines hit a record 14-year high as of December 2022. Third, the business community is blaming the agriculture department for being incapable of forecasting this issue earlier and planning the imports timely while the agriculture officials fired back saying that there is price manipulation by the cartels whom they believe are hoarding the supply that causes the prices to skyrocket.
