Food retail sector growth may ease this year

The country's food retail sector is expected to grow at a slower pace of five percent this year as more Filipinos choose to spend less as they cope with higher food prices, according to the US Department of Agriculture Foreign Agricultural Service.

- JASPER EMMANUEL ARCALAS

The USDA-FAS Manila said the country's total food and beverage retail sales are expected to reach $119 billion this year, about 5.3 percent higher than last year's $113 billion.

However, the estimated 5.3 percent growth rate for this year is slower than the 9.7-percent expansion in 2023.

"FAS Manila expects slower retail sales growth at five percent due to thriftier spending and less home cooking," the agency said.