THE retail prices of basic goods have gone up in February largely due to the surging cost of raw materials and the depreciation of the peso against the dollar, according to the Department of Trade and Industry (DTI).
In the latest suggested retail price (SRP) list released by the DTI, about one in five basic goods have recorded higher prices in February. Trade Undersecretary Ruth B. Castelo said these were price adjustments implemented just now after several manufacturers held off increases during the holiday season.
“Due to the three-month price hold-off that was implemented in the last quarter of 2018, no price increase was effected despite peak in inflation, oil-price hikes, peso devaluation and increase in the prices of raw materials in the world market,” Castelo said in a statement.
“[The price hikes are] only this time when the DTI implemented SRP adjustments after thorough evaluation and consultation with the manufacturers of basic and prime goods,” she added.
Out of the 242 basic necessities and prime commodities on the SRP list, it was reported that the prices of 186 goods were maintained. However, 56 products recorded price increases.
Most surges were recorded in 155 grams canned sardines, ranging from P0.40 to P1.30. Producers of this basic good attributed this to the sustained increases in the prices of fish input, tin can, tomato paste, fuel and other costs.
They also claimed the price of fish input was 33 percent more costly in December of last year due to the implementation of the closed fishing season that started in November.
Further, prices of milk products rose to as much as P1.10 for evaporated and P1.20 for condensed due to significant increases in the cost of skimmed milk powder and anhydrous milk fat.
Price hikes were also registered in processed meat, canned beef, vinegar, fish sauce and soy sauce. Manufacturers attributed this to the escalating cost of raw inputs and packaging materials.
“The DTI assures the consuming public that all increases in the SRPs are kept at the absolute minimum level. Amid the SRP adjustments, the DTI remains vigilant and steadfast in its commitment to ensure reasonableness of prices of basic and prime goods and maintain the adequacy its supply, and to stop trade malpractices in the market,” Castelo said.
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