Rising inflation was identified by Secretary Alfredo Pascual as one of the eight priorities the Department of Trade and Industry (DTI) will focus on.
This developed as DTI records showed 13 basic necessities and prime commodities (BNPCs) monitored by the agency reflected an increase of 0.07 percent to as much as 50 percent in their prices in a span of nine months, from August 2021 to May this year which was the last time suggested retail prices (SRPs) were tweaked.
Pascual presented the DTI priorities at the first Cabinet meeting with President Marcos yesterday.
Pascual was quoted as saying the DTI aims to efficiently manage soaring prices of fuel and gasoline and the increasing cost of BNPCs as a result of inflation.
He said manufacturers may either take on the extra costs themselves, find new ways to cut costs or pass rising prices on to customers who are already reluctant to spend.
Pascual said inflation negatively affects manufacturers and the supply chain due to unstable prices of raw materials, causing prices of BNPCs to rise.
Some of the BNPCs with increased SRPs between August 2021 and May (minimum and maximum hike in percent) are: canned sardines, 4.48 to 7.81; milk, 2.2 to 12.26; coffee, 0.07 to 2.79; bread, 9.3 to 10; instant noodles, 3.13 to 5.88; salt 6.98 to 50; detergent soap, 2.5 to 17.57; bottled water 4.17 to 10; candles 8.93 to 14.63; canned meat, 3.03 to 13.33; condiments, 2.75 to 3.48; toilet soap, 4.11 to 16.98 and; batteries, 8.47 to 14.24.
Other priorities presented by Pascual are support for micro, small and medium enterprises; addressing food security challenges; promote manufacturing; improve the ease of doing business; attract investments and expand exports; consumer protection and empowerment and; DTI’s organizational structure and processes.
