Subdued growth seen in manufactured goods prices ahead of yearend
PRICE GROWTH in manufactured products has been “minimal” ahead of the holiday season, the Department of Trade and Industry (DTI) said Monday.
Trade Secretary Ramon M. Lopez said in a virtual briefing that prices of some groceries have increased by only 3% or so.
“In terms of manufactured products, thankfully the price movements have been minimal. The products that recorded price increases are around 3% only,” Mr. Lopez said.
“Consumers do not need to worry about the price increases,” he added.
Mr. Lopez said the DTI will promote products whose prices have been stable, including food consumed during the traditional Christmas Eve dinner, known as the Noche Buena.
“Manufacturers who will not have price increases are lucky since they will be promoted by the government,” Mr. Lopez said.
“Some manufacturers of ham, queso de bola (a variety of Edam cheese), fruit cocktail, pasta, and sauces have already announced that they will not have price increases. The DTI will promote them, specifically what product, brand, and size did not raise prices,” he added.
Recently, Philippine Amalgamated Supermarkets Association President Steven T. Cua advised consumers to plan their shopping around items that will help them stick to their budgets.
Mr. Cua estimated that Noche Buena items may experience price hikes of between 4% to 8%, equivalent to between 25 centavos and P2, depending on the size of the product.
“We have to plan what we need to buy so that we can meet our budget. Always have a list of things to buy,” Mr. Cua said. — Revin Mikhael D. Ochave
