Typhoons and rising vegetable prices
@kareemadivina (1230)
Philippines
October 11, 2011 11:23am CST
I went to the supermarket today and was surprise that the price of vegetables are doubled in just a week.Philippines has experienced typhoons and floods for a week or two and damages farms and lost a lot in agriculture.I'm expecting vegetable prices to rise but I never expect it to double.What do you think is it reasonable to have that much increase?
1 response
@criticalman (65)
• Philippines
11 Oct 11
It's always the law of supply and demand. The typhoon ransacked all the produce thus less supply yet more demand hence increase in price of goods.
1 person likes this
@kareemadivina (1230)
• Philippines
11 Oct 11
Basically when the demand is high and the supply is low it can increase the price of a commodity.However a 50% increase of price in just a week is maybe too much.They must have lost that much for that price hike.
@criticalman (65)
• Philippines
12 Oct 11
They abused the law of supply and demand. Took the opportunity. Business as usual.
