DTI notes price surge of basic goods in Region 8

PALO, Leyte / July 31 -- The Department of Trade and Industry has noted an increase in prices of basic goods in Eastern Visayas between January to early July this year due to adjustments in the prices of raw and packaging materials.

Based on the latest monitoring report, at least 32 brands of products posted price increases within the first six months of the year, said DTI Eastern Visayas consumers welfare division chief Francisco Paragatos on Tuesday.

Products with price hikes are canned sardines, condensed milk, evaporated milk, detergent soap, canned pork, meat loaf, corned beef, beef loaf, condiments, and bath soap. The official said changes are within the suggested retail price (SRP).

“For canned sardines, the most common reason of price increase is due to higher cost of fish, tin cans, cartons, and labor cost. Other brands need to adjust prices because of adjustments across external suppliers and services as a result of new excise tax rates,” Paragatos said.

Among the products with notable price surge in the past six months are 300 ml condensed milk (PHP54.50 to PHP56.50), 165 grams canned pork (PHP30.55 to PHP32.50), 150 grams corned beef (PHP29.50 to PHP30.95) and 175 grams corned beef (PHP33.50 to PHP35.25).

DTI has been monitoring weekly the prices of stocks in major shops located in capital cities and towns to ensure that any increase would be nominal and within the suggested retail price.

Paragatos said the price hikes is not mainly caused by implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law but due to adjustments in the cost of raw and packaging materials. (SQM/PNA)