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18th of July 2018

Economy



Beef, pork, egg prices up on more expensive oil

Rising fuel prices have led to a corresponding increase in the market prices in Metro Manila of beef, pork and eggs, according to the Bureau of Animal Industry.

From May, prices of beef rump and beef brisket rose as of the end of the third week of June to P336.49 and P287.50 per kilogram (kg), respectively, from P335.79 and P287.25.

Eggs, meanwhile, now cost P5.14 a piece, up 10 centavos.

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The biggest increase during the period was seen in the prices of pork “liempo” and pork “kasim.”

From the May level of P236 and P209.66 a kilo, respectively, prices went up to P238.08 and P212.63 a kilo.

BAI assistant director Simeon Amurao said in a phone interview that the increase in retail prices of meat can be attributed to the rise in fuel costs, which affects the price of raw materials and the transportation of these products to the country’s capital.

“It’s really the increase in the cost of delivery that led to the increase in retail prices. Even in the delivery of feeds… The effect of fuel prices on agricultural products is not direct but in the market value chain. Every increase in the cost of production affects retail prices. The cost of delivery has increased, so this is reflected in the retail,” he said.

Based on the latest monitoring of the Department of Energy as of June 22, the latest round of price hikes by oil companies brought the price of diesel within the range of P41.55 to P46.50 a liter.

Thus, diesel prices have gone up by some P8.65 per liter this year, from the P32.90 to P37.99 per liter range at the start of the year.

Samahang Industriya ng Agrikultura (Sinag) chair Rosendo So said in a separate phone interview that prices of these goods might not stabilize until fuel prices stabilize.

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