MANILA — Filipinos with smaller budgets are buying fewer eggs from the market, causing the prices of the cheapest protein source to drop due to lower demand, a poultry group leader said on Friday.
When stocks in the markets aren't moving fast, vendors have no choice but to increase egg prices to make up for losses, which is prompting producers to lower the farm gate prices in order to sell, Philippine Egg Board Association chairman Gregorio San Diego told Teleradyo.
Medium egg price has gone down to P5.50 to P5.70 per piece from P6.20, San Diego said.
"Ang problema natin ngayon hindi na supply eh, ang problema natin ngayon demand... Yung itlog eh pinakamurang source ng protina yan eh pero iniinda pa rin ng tao ang presyo," he said.
(The problem is not the supply, the problem is demand. Eggs are the cheapest source of protein but consumers still complain with the price)
"Yun ang sinasabi namin sa DA noon pa. Wag nyo intindihin ang supply, ang tulungan nya kami sa demand kasi kakaunti yung namimili. Walang pambili," he added.
(What we're telling the DA is that do not worry about supply, help us with the demand because very few are buying. They have no money to buy)
Analysts have said that as inflation surges, consumers take fewer trips to markets.
Inflation settled at 6.9 percent in September, which is beyond the government target of 2 to 4 percent.