Retail prices of Noche Buena essentials have been rising months before Christmas, data gathered by Philippine startup Packworks show.
According to data from Sari IQ, the firm’s data analytics tool which measures behavior and spending habits of consumers who shop at sari-sari stores, a number of noticeable changes were seen in the prices of Noche Buena items based on their monitoring from January to September.
The price of milk and cream during the period went up by 11.84 percent, causing a P10 to P15 increase for a 250-milliliter pack of all-purpose cream, 300-milliliter pack of condensed milk, and 370-milliliter pack of evaporated milk.
“The reason for the price increase is that culinary milk and creams are normally imported from other countries. The increasing dollar rate over the peso affects the commodity prices since these are imported,” said Andres Montiel, chief data officer of Packworks, citing that consumers were already feeling the squeeze of the rising cost of living and the stress of these increases to the cost of holiday staples.
Similarly, prices of palm, vegetable, and canola oils went up by 5.95 percent and are now being sold for about P80 more per liter.
Dairy products like cheese, margarine, and chilled ice cream also got 5.28 percent more expensive, adding about P30 to their prices.
Prices of various canned goods also saw a 5.26-percent increase, with the price tags of canned nata de coco, whole and cream-style corn, kaong, pineapple chunks, and fruit cocktails seeing an P8 to P20 jump. Other canned goods such as corned beef, tuna, meatloaf, and sardines also rose by P5.
Meanwhile, bread spreads such as mayonnaise and peanut butter got costlier. The price of peanut butter increased by 5.77 percent and now cost P40 more per kilo.
“These prices could go up further through the ‘ber’ months, and demand will definitely be higher. Our local households may be able to skimp on other items, such as clothing or gas, but they have to eat,” he added.
A notable price increase of 4.90 percent was seen in frozen processed food as well, with packed hotdogs, hams, and nuggets now sold for ₱25 more than the suggested retail price.
Likewise, upward price adjustments were seen for tea and three-in-one coffee mixes, both of which rose by 4.13 percent, while prices of powdered milk and chocolate drinks also went up by 2.04 percent.
Prices of snacks such as candies and biscuits, as well as fruits and vegetables, saw an uptick of 2.5 percent.
As early as the first week of September, the Department of Trade and Industry (DTI) said local manufacturers and makers of Noche Buena items have sent notifications to increase their prices ahead of the holiday season.
The trade department said they could only issue a “price guide” for these holiday staples, saying suggested retail prices could not be set since most of these Noche Buena items were not considered prime or basic commodities.
Some examples of food items considered as basic necessities are rice, corn, fresh eggs, beef and poultry meat. Prime commodities, on the other hand, are dried pork, dried beef, onion and garlic, among others.