Amid a decline in international wheat prices that started last month, the Ministry of Economic Affairs (MOEA) yesterday prompted the state-owned Taiwan Sugar Corp’s (台灣糖業) hypermarket chain store Taisuco (台糖量販店) to take the initiative in lowering prices of flour and related products by between 20 percent and 30 percent.
“Although the actual price cut depends on various factors, the ministry has asked the Industrial Development Bureau to negotiate with local business operators to first cut flour prices,” Minister of Economic Affairs Yiin Chii-ming (尹啟銘) told reporters yesterday.
The ministry’s press statement yesterday said that global wheat prices had dropped between 10 percent to 20 percent since March.
In response, Taisuco yesterday decided to offer a 20 percent to 30 percent discount on promotional products, local media reported.
The ministry also urged bakery associations, major hypermarkets, convenience stores and supermarket chains to lower the prices of flour products at a suitable time, so as to help stabilize domestic commodity prices.
However, the Taipei Bakery Association (台北市糕餅同業公會) said yesterday it was unlikely that pastry and bread prices would drop in line with falling international wheat prices as wheat is only one ingredient of the product beside cooking oil, milk and eggs, which have also risen in price.
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