Philippine dairy company Alaska Milk and the local unit of Swiss food giant Nestlé are raising milk prices by 5% this month due to rising production costs.
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Trade Secretary Manuel Roxas said the price increase, which was the first for milk since May 2001, is acceptable as it is within the 10%-per-month limit set by the country’s consumer price law.
Costs have been rising due to the depreciation of the peso against the US dollar and Roxas said the increase in milk prices would not allow Alaska and Nestlé to fully recover their additional production costs, reported Dow Jones News.
