In the Philippines, a pound of red onions currently costs more than a pound of meat. This is a concern since the vegetable is a common ingredient in Filipino food. Food prices are being pressured worldwide as a result of global inflation, due to a host of causes including the Russia-Ukraine war, supply chain issues and extreme climate change, as per a report in Time Magazine.
Red and white onions were sold for as much as 600 pesos (Rs 887) per kilogram, according to the agriculture department's analysis of market pricing in Manila as of January 9. The magazine stated that according to the market monitoring figures, the price is almost three times as expensive as chicken and 25 -50 per cent more expensive than pork or beef. One kilogram of onions costs more than the Philippine minimum wage for a full day's work.
National Statistician Dennis Mapa in a briefing on January 5 said that the increase in consumer prices in the Philippines reached an all-time high of 8.1 per cent in December, with onions accounting for 0.3 per cent of the increase.
In order to supplement declining domestic supplies and stop price increases, the Philippines' agriculture authorities announced that the nation would have to resort to importing over 22,000 tonnes of onions by March. As per Time Magazine, the country's average monthly demand for the vegetable is around 17,000 metric tonnes.
It is noted that on December 30, the President of the Philippines Bongbong Marcos directed the trade department to set an onion "suggested retail price" of 250 pesos (Rs 369) per kilogram. Despite the price cap, onions continue to be expensive. The outlet also stated that Philippines customs officials seized illegal red onions from China worth an estimated $362,000 (Rs 2.9 crore) hidden by boxes of bread and pastries and smuggled white onions worth $309,000 (Rs 2.5 crore) hidden in packages purporting to contain clothing.
