THE Department of Trade and Industry (DTI) released its updated suggested retail price (SRP) list of basic necessities and prime commodities (BNPCs), which reflected price increases in 23% of the items on the list.
The DTI said the higher prices were attributed to raw materials costs and a weaker peso.
Dated Feb. 13, the list posted on the agency’s website contains 242 shelf keeping units (SKUs), of which 56 were listed with higher prices compared with the last list.
“The DTI implemented SRP adjustments after thorough evaluation and consultation with the manufacturers of basic and prime goods,” DTI’s Consumer Protection Group (CPG) Undersecretary Ruth B. Castelo said in a statement Thursday, adding the increases were kept to the “absolute minimum.”
In a mobile message to reporters on Thursday, Trade Secretary Ramon M. Lopez said several of the brands which were granted SRP increases cooperated late last year with the DTI’s request not to increase prices for three months to contain inflation.
He added that those that sought an increase raised prices by between 1% and 5%.
Canned sardines of the 155-gram variety rose between P0.40 and P1.30 amid higher materials and packaging prices and fuel.
It said the price of fish rose 33% in December due to the closed fishing season which began in November and runs to February 2019.
Prices of processed meat also increased due to higher costs from meat and packaging materials, it said.
The price of evaporated and condensed milk products also rose between P0.50 and P1.10 and P0.50 to P1.20, respectively, due to significant increases in the cost of skimmed milk powder and anhydrous milk fat, and a weaker peso.
Vinegar, fish sauce and soy sauce also increased in price due to rising cost of materials like fish extract and soy bean meal and higher labor and packaging material costs. — Janina C. Lim
