BRIEFS. economy

Price of bread and basic food basket increases

Ana Rentería/LA PRENSA

nutrition costs: Many basic food items, including meat, produce, and dairy products have registered record price increases this year. 1007692

The 40 percent increase in the price of bread this week has bumped up the average cost of the basic food basket (BFB) to $243.29, a jump of 3.5 percent from this time last year, according to a report published yesterday by the Ministerio de Economía y Finanzas.

Of the 50 items included in the basket, three had decreased in price and one was unchanged. The food groups that registered significant increases were dairy products (up 39.9%), cereals (18.2%) fruit (13.1%), vegetables (10.2%) and meat (8.9%).

Many factors affect the price of bread, a staple of the Panamanian diet. "We cannot control increases in the price of imported wheat," said Adolfo Quintero, president of the Colegio de Economistas de Panamá. But internal measures such as subsidizing bread manufacturing is well within governmental powers and best interest of the consumer, he added.

In response to the sharp increase in the cost of bread, Gonzalo Cambefort of the Instituto de Mercadeo Agropecuario announced that the government program Compita will offer 14-ounce bags of flour for 40 cents.

"It is not for industrial use; we will put a recipe for hojaldres on the package´s label," he said.

The government is planning to promote the consumption of yuca flour, as well as encouraging a change in eating habits to match the shifting cost of basic food items.

The growing demand for food worldwide has increased the burdens of international maritime trade, something that Panama has seen firsthand recently in the record delays facing ships awaiting passage through the Canal. Yesterday, the consulting company FC Stone which monitors transit rates through the Canal, recorded 102 ships in line behind the locks.