DTI notes price hikes in some basic goods

CEBU, Philippines —  The Department of Trade and Industry has noted price increases in some commodities due to the rising costs of raw materials.

Prices of several 155g canned sardines have increased by P0.40 to P1.30.

According to one manufacturer, the continuous spike in the prices of tamban, tin can, tomato paste, fuel, and other miscellaneous fees contributed to the rise in sardine prices, DTI said.

The price of tamban, in particular, increased by 33% in December due to the close of fishing season which began last November 2018 up to February 2019.

Aside from canned sardines, DTI noted prices of processed meat and canned beef also increased due to escalating cost of raw materials (meat) and packaging materials (label, tin and carton).

Based on DTI’s updated suggested retail price (SRP) as of February 2019, prices of evaporated and condensed milk products also noted an increase ranging from P0.50 to P1.10 and P0.50 to P1.20, respectively, due to significant increases in the cost of skimmed milk powder and anhydrous milk fat, and weakening of Philippine peso.

Condiments such as vinegar, fish sauce (patis) and soy sauce also increased in prices due to rising cost of their raw materials (fish extract and soy bean meal), labor rate, and packaging materials (PET bottle and carton).

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.

“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,” Ruth Castelo, who heads the agency’s consumer protection group, said in a statement.