THE Department of Trade and Industry (DTI) started to approve on Friday pending price increases for some products covered by the suggested retail price (SRP) scheme for basic necessities and prime commodities (BNPCs).
On Monday, Amanda Marie F. Nograles, assistant secretary for the DTI Consumer Protection Group, told BusinessWorld that the updated SRP bulletin reflects price increases for nine SKUs (stock keeping units).
“We still have pending notices of price adjustments. The updated bulletin does not reflect all the price adjustments yet,” Ms. Nograles said via Viber message.
“Our target is to publish the fully updated SRP bulletin by March,” she added.
The government had asked producers to hold the line on prices until after the holidays to prevent a spike in inflation.
Among the products for which price increases were Blend 45 3-in-1 Original 18 grams coffee now priced at P4.10. The previous price was P4.10 per 20-gram pack.
All Fidel coarse salt products had price hikes ranging from 50 centavos to P2.50, depending on the variety, weight and where the product is sold.
Safeguard Pure White bath soap 60-gram and 130-gram variants now cost P20.50 and P49, respectively.
Meanwhile, Nescafé Classic coffee refills saw weight and price reductions, according to the bulletin. The previous 25-gram Nescafé Classic will now sell for P20 per 23 grams, while the 50-gram item will now sell P40 per 46 grams.
In a previous briefing, Ms. Nograles said that a 6% average price increase of BNPCs is expected this year, lower than the 10% average increase seen a year earlier.
The DTI said that it will be working on the price increase applications covering 63 SKUs this year, out of the 217 products in the bulletin.
The expected price increases will range from 25 centavos to P7.25, the DTI said.
Out of the 63 SKUs, 59 items had a general price increase, two items reduced weights and raised prices increase, and two items reduced weight and price.
The DTI said 71% or 154 of the products listed in the SRP bulletin will not feature price adjustments.
“It is also important to note that even if (the approvals) are already released, the manufacturer will need some time to implement the price adjustments,” Ms. Nograles said.
“So, there will be some lag from the time that the DTI releases the notice of approval or letter of concurrence to the time that the actual price increases in the market are effective,” she added. — Justine Irish D. Tabile