Trade Secretary Ramon Lopez said Saturday the increase in prices of the expensive bread brands, particularly the Gardenia, was not covered by the agency’s suggested retail prices or SRP.
He explained the bread owners requested an increase of from P1 to P2 after they held off their price increases in the past few months.
Lopez was making the explanation in an interview over Super Radyo dzBB, beamed nationwide, where he said Gardenia did not increase its prices when everybody else did.
Lopez said the more costly bread brands were “programmed” to increase their prices after two to three months after the recent price hike in goods and commodities.
Inflation or the rate of increase in the prices of goods and services clocked in at 6.2 percent during the third quarter of 2018, the Bangko Sentral ng Pilipinas said Friday.