Convenience to Inconvenience? Basic Goods set to Increase SRP Price this Month, DTI says

 Manila--Consumers may feel inconvenience as the Suggested Retail price (SRP) of 56 basic goods from the convenience market is set to increase this month as the Department of Trade and Industry announced on Saturday.

The announcement has been said following the three-month price freeze in the basic commodities in 2018.

“The DTI implemented SRP adjustments after thorough evaluation and consultation with the manufacturers of basic and prime goods wherein the increases were kept to the absolute minimum,” DTI’s Consumer Protection Group Undersecretary Ruth B. Castelo said.

Eventhough peak inflation withstand during the last months of 2018, Castelo said the government find its way by making an appeal to manufacturers to not increase price of basic commodities as the Christmas season approached.

"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 hike, peso devaluation, and increase in the prices of raw materials in the world market," she said in a statement.

The DTI attributed the price hikes to higher manufacturing costs, expensive raw materials, packaging, labor and fuel and a weaker peso.

The price increase raised by between 1 percent, mostly 5 percent except for salt, which went higher by 12 percent.

Several canned sardines of 155-gram increased price by P0.40 to P1.30 amid higher materials and packaging prices.

The price of fish went up by 33% in December due to the closed fishing season which began in November and gone operational to February 2019.

Evaporated and condensed milk products has  ranged from P0.50 to P1.10 and P0.50 to P1.20, respectively as the cost of skimmed milk powder and anhydrous milk fat increased, adding the weaker peso.

Prices of processed meat also increased due to higher costs from meat and packaging materials, the DTI confirmed.

Prices of vinegar, fish sauce, and soy sauce also increased due to significant rising cost of raw materials particularly the fish extract and soy bean meal, the labor rate, and packaging materials (PET bottle and carton)," the DTI added.

"The SRPs of vinegar range from P6.40 (200ml) to P14.70 (350ml), patis (350 ml) from P20.50 to P25.65, while soy sauce (340ml) ranges from P16.25 to P17.35," it stated.

Price increase was approved by the DTI on February 13 but only released the list accessible on its website on February 20, 2019.

Castelo added that 242 goods under the SRP list, 186 or 77 percent retained their prices.

Meanwhile, 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.