Food Prices
Bessent says ‘substantial’ moves coming to cut prices of coffee, bananas
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U.S. Treasury Secretary Scott Bessent said Wednesday the Trump administration will announce measures in the coming days aimed at quickly lowering prices on imports such as coffee and bananas, following months of tariff-driven cost pressures.
Rising prices of cooking oil are forcing families and small businesses in Addis Ababa to make tough choices. Households are cutting back on consumption, altering dietary habits, or even pausing operations that can no longer afford costs. Retailers and wholesalers face an unpredictable market with no immediate signs of supply stabilization.
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The Department of Agriculture has warned retailers that unjustified hikes in basic food prices will not be tolerated, potentially leading to formal complaints and investigations. Secretary Francisco Tiu Laurel Jr. stated that the agency will intensify price monitoring in major urban wet markets in Metro Manila, Cebu, and Davao. This action addresses the accelerating inflation recorded in December.
A recent article in Daily Trust commends President Bola Tinubu and his economic team for their handling of rising food prices in Nigeria. Written by Kawu Adamu, it argues for recognition of their efforts amid economic challenges.
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Galunggong prices in Metro Manila reached P335.99 per kilo in the last week of October, at least 20 percent higher than last year's P277.11. Officials attribute the surge to lackluster production and minimal imports. This rise worries many families who rely on the 'poor man's fish' for daily meals.