DTI increases SRPs on 73 basic goods

A total of 73 items, including breads, listed in the basic necessities and prime commodities (BNPCs) have increased their prices, based on the latest Suggested Retail Price (SRP) Bulletin of the Department of Trade and Industry.

DTI Undersecretary Ruth B. Castelo said there are 216 items or SKUs (shelf keeping units) in the latest SRP Bulletin. Of this figure, 73 SKUs or 34 percent of total raised their prices by less than 10 percent. The bulk of 143 SKUs or 66 percent of total retained their 2021 price levels.

Only 10 SKUs hiked prices by more than 10 percent, while 43 others adjusted their prices 6 to 10 percent, and 20 SKUs raised prices by 1 to 5 percent.

Notably, the price of 450 gram Pinoy Tasty is now at P38.50 from P35 and Pinoy Pandesal at P23.50 from P21.50 for 250 gram pack as wheat flour prices went up 39 percent since August 2020.

Other goods price adjustments are canned sardines, which increased by P0.50 to P0.75, and locally manufactured noodles, which increased by P0.25 to P0.40. SRP of coffee increased to at most P0.50 while price of coffee refill hiked by P0.60.

Condensed milk increased by P0.50 to P1.25, evaporated milk went up by P0.25 to P1.00, and powdered milk increased by P0.50 to P1.35. Also included in the basic goods with price adjustment is salt, which increased by P0.20 to P2.85.

Processed and canned beef are among the products under prime commodities with price adjustments: P0.45 to P1.50 for meat loaf, P0.75 to P2.50 for corned beef, P0.55 to P1.50 for beef loaf, and P1.75 for luncheon meat.

Condiments also have increase in prices. SRP of vinegar increased by P0.45 to P1.80, patis (fish sauce) by P0.60 to P3.10, and soy sauce by P0.55 to P2.15. Non-food items like detergent soap gets an increase in price by P0.50 to P1.00.

Castelo added that the new SRP Bulletin is effective immediately although the DTI has given the supermarkets and groceries 7-10 days to adjust prices before the DTI subjects them to price monitoring.

Castelo said the increases in SRP considered increases in prices of cost of raw materials and production inputs. It could be recalled that the last hikes in SRPs for BNPCs was on August 29, 2021.

For instance, the price of Tamban fish for canned sardines went up by 27 percent since early 2020 and tin cans by 133 percent since the fourth quarter of 2020.

Processed milk increased their prices due to high cost of buttermilk (48 percent), tin (133 percent) and palm oil (65 percent).

Instant noodles also increased because of the 39 percent hike in flour prices, while salt also increased because of the rising cost of vacuum salt.

Likewise, bottled water increased their prices because the cost of went up by 63 percent. Processed canned meat and canned beef also rose because the price of mechanically deboned meat rose by 100 percent while prices of beef for corned beef also went up by 25.3 percent. All materials were also aggravated by the 431.4 percent increase in freight cost.

Detergent soap also adjusted prices because of 41 percent increase in cost of raw materials LABSA while candles went up because the cost of paraffin wax rose 33 percent.

Toilet soap also rose because raw materials such as palm oil and soap noodles rose 96 percent since December 2020) while battery price hike was due to increase in acquisition cost.

Castelo said that some items have not increased for 4 years to 8 years.

“We balanced the request for the adjustment, the purpose of which is to prevent business losses and not to affect the unemployment rate,” Castelo concluded.