MANILA, Philippines - Bakeshops will increase prices next week due to the continued rise in sugar prices.

Members of the Philippine Baking Industry Group said they will increase prices of loaf bread by about P2, and pan de sal by P1.

Bakers said they could no longer hold off the adjustments since sugar prices have gone up by 60% from late last year's prices. In January alone, they said sugar prices were up 16%.

Community bakeries, meanwhile, are considering increasing prices or reducing the size and weight of their bread to cope with high ingredient costs.

"Some of our community bakery-members have started their price adjustments this week to cope with the spiraling cost of ingredients particularly sugar," said Leonardo Figueroa of the Philippine Federation of Bakers Association Inc.

Bakers are urging the government to rein in local sugar prices. They are also hoping that flour prices would remain stable to avoid more price increases.