The Department of Trade and Industry (DTI) has updated the Suggested Retail Prices (SRP) for basic necessities and prime commodities for 218 stock keeping units (SKUs) within the jurisdiction of the agency.
In a bulletin published on Tuesday, the DTI approved a minimum increase for 82 basic necessities and prime commodities (BNPCs) in its latest SRP list, while 136 SKUs or 62 percent of 218 SKUs were unchanged from the January 27, 2022 SRP Bulletin prices.
“The Department carefully evaluates the requests for price adjustments from the manufacturers of BNPCs under the DTI’s jurisdiction. It is imperative that the DTI and the industry collaborate to ensure the consumers of high-quality products at affordable prices,” Trade Secretary Ramon Lopez.
Products within minimal price hikes included bread, canned fish, potable water in bottles and containers, processed milk, locally manufactured instant noodles, coffee, salt, laundry soap, detergent, candles, flour, processed and canned pork, processed and canned beef, vinegar, fish sauce (patis), soy sauce, toilet soap, and batteries.
The new set of SRPs also included additional SKUs such as Bareta Bar White (360g) and Bareta Bar FabCon (360g).
The DTI maintained that 71 out 82 SKUs have increased their SRPs by 8 to 10 percent only, still below the global price movement of raw materials.
The DTI explained that the prices of major raw materials like Tamban (for canned fish products), mechanically deboned meat (MDM) for processed meat products, buttermilk for processed milk, and palm oil for toiletries and instant noodles increased by 0.56 percent to 32.14 percent.
This has not yet taken into account the massive increase in fuel prices that went up by 28.84 percent.
“Despite the adjustments in several basic and prime goods, the DTI assured the public that all increases in the SRPs were kept to a minimum level to provide consumers with reasonably-priced goods amidst the pandemic,” Trade Undersecretary Ruth Castelo said.
The DTI adjusts the SRP list from time to time to continuously guide consumers and retailers in their purchase and sale of basic and prime goods.
The public may also refer to the most recent SRP list of BNPCs before going to the supermarkets and grocery stores. The price guide is accessible via the DTI website.
Consumers are enjoined to report retailers, distributors, and manufacturers that sell basic necessities above their SRPs.