More price hikes seen after the holiday season | Inquirer Business
BASIC AND PRIME COMMODITIES

More price hikes seen after the holiday season

/ 12:02 AM December 02, 2022

File photo by GRIG C. MONTEGRANDE / Philippine Daily Inquirer

The Department of Trade and Industry (DTI) is expected to increase the suggested retail prices (SRP) for basic necessities and prime commodities in January, dimming hopes of consumers for some break after the price hikes in Noche Buena items during the holidays.

According to Trade and Industry Secretary Alfredo Pascual, the department has been studying price adjustment requests involving involving 55 out of the 218 stock keeping units (SKUs) they are monitoring.

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Among the products requested for price hike are canned goods, milk, bread, instant noodles, laundry soap, salt, soy sauce and toilet soap, and candles, Pascual said.

“Even if we process the data, it will take us beyond the holiday season. So most likely we (will) come (up with it) by early January,” Pascual said in a press conference when asked when the next Suggested Retail Price (SRP) bulletin will be issued.

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Among the reasons for the price hike requests are the rising costs of raw materials, packaging materials, production and logistical support.

Earlier last week, Pascual said 10 of the SKUs monitored might see a 1 -percent to 5-percent price increase.

On the other hand, 14 SKUs might see a 6-percent to 10-percent increase, while the remaining 31 may increase by more than 10 percent.

Philippine Association of Supermarkets, Inc. (PASI) President Carlos Cabochan earlier said the looming price increases would likely come next year after the Christmas and New Year celebrations.

“By experience, no one chooses to adjust their prices in December. Most likely, they will increase the prices after the holiday season,” Cabochan said.

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TAGS: Department of Trade and Industry, increases, Suggested Retail Prices
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