The Department of Trade and Industry (DTI) on February 8 released a new suggested retail price (SRP) bulletin, a day after the inflation rate of 8.7 percent was announced.
In the latest bulletin, 141 or 65 percent of the total stock-keeping units (SKUs) maintained their August 2022 prices while 76 or 35 percent of the SKUs increased by P0.45 to P7.
Commodities that increased prices include canned sardines in tomato sauce, processed milk, coffee 3-in-1 original, noodles, bread, detergent soap, canned meat, candles, and condiments.
The DTI said the increase in the price of food items was at P0.45 to P3.60.
DTI Undersecretary Ruth Castelo said in a text message the agency was forced to decide late Tuesday on the SRP bulletin as DTI Secretary Alfredo Pascual was leaving for Japan, among other reasons.
The DTI was under a lot of pressure as Castelo said “we have been receiving threats of closure, streamlining or stop production of these products which we tried to prevent.”
“We really did it quietly to avoid highlighting it amidst the high inflation rate and soaring prices of agriculture products,” Castelo said although the bulletin was published in a newspaper yesterday and was widely covered by TV outfits.
Castelo said the increase in SRPs of basic and prime commodities will not impact on inflation since these are not included in the consumer price index basket. The new bulletin comes less than six months after the last list released in August.
DTI Undersecretary Carol Sanchez said almost all price increases ranged from 10 percent or less.
Sanchez said food items saw their prices increasing by 50 centavos to P2 while some canned goods reflected increases of more than P2.
Products with existing petitions reflected price adjustments that are
lower than requested.
Sardine canners sought a P3 increase but six brands were granted an increase of P1 to P1.50 to a range of P13.25 to P19.58.
The price of Pinoy Tasty and Pinoy Pandesal went up by P2 and P1.50, respectively, instead of P4 as earlier petitioned by bakers. A 450-gram of Pinoy Tasty now cost P40.50, while a 10-piece pack Pinoy Pandesal now costs P25.
Castelo was quoted by television reports as saying 76 products or less than half the 214 stock-keeping units were allowed to increase prices that also include canned meat and milk.
