Friday, April 19, 2024

In one of the poorest countries in the world, onions are the most expensive in the world


Despite government intervention, the price of red onions reached a world record. Rulers in the Philippines can't handle the price of onions. The easy-to-grow red onion is apparently making things difficult for Philippine authorities.

In 2022, a record harvest was harvested in the country, but this did not prevent the price of red onions from reaching 650 pesos ($11.84) per kg. This is three times more expensive than chicken meat, and 25% more expensive than beef. Prices soared to such absurd levels that 10 Philippine Air flight attendants were caught carrying a load of onions from the Middle East.

Electric car bans are starting to rain down one after the other

The government blames dealers and speculators for the crisis, business speaks of the monstrous incompetence of the authorities. And this seems to be true - Philippine President Ferdinand Marcos Jr. appointed himself as the country's Secretary of Agriculture in order to "create the conditions for reducing food prices." Simply put, try to adjust them manually. The result was not long in coming.

Combine technical and fundamental analysis in one and start trading profitably now.

About the Author


No comments yet.

News Archive