As the rate of inflation continues to soar, prices of basic commodities in the market like bread and canned goods have also increased.
The prices of such goods will increase based on the new suggested retail price (SRP) guide issued by the Department of Trade and Industry (DTI).
Weeks ago, manufacturers of bread, detergents and canned goods have requested DTI that they be allowed to raise prices due to increasing costs of inputs.
On Wednesday, February 8, DTI Undersecretary Ruth Castelo, in a press briefing, said that they have just recently approved the increase and will soon reflect on the new SRP from their agency.
“Inuna natin yung mga medyo nagkakaproblema na sa kanilang mga lugi or magsara,” Castelo said.
Despite the increase, certain manufacturers of canned meat and bread still appeal because the new SRP is not enough, according to them.
“At P1.50 thats not acceptable. If we were making let’s say 50 centavos or P1 per tin and nagdagdag kami ng P3 pesos na cost yun lang hinahabol namin na ma-cover,” CSAP executive director Bombit Buencamino said in a statement.
“Will try to convince them to add P2 in the future. It’s not enough because as of now the sugar is still on the high side. the flour hasn’t gone down, the fuel still andoon pa rin ‘yung high side ng fuel,” PHILBAKING president Jerry Lao said.
The costs of groceries spiked over the past weeks and Filipinos browsing the supermarket aisle will notice most food items are far more expensive than they were months ago as the inflation rate of the country continues to uptrend.
Philippine President Ferdinand Marcos Jr. recently urged the public to pay their taxes on time in an effort to tame inflation, but data released by the Philippine Statistics Authority (PSA) showed the opposite.
On Tuesday, February 7, PSA reported that the January figure is the highest since November 2008’s 9.1%. It is also nearly triple the 3% posted in January 2022, showing just how high prices have gone up in a year.
The inflation rate likely peaked in December 2022, when it climbed to a 14-year high of 8.1% and finally the latest was 8.7% for January 2023.
Prices of food and non-alcoholic beverages inched up to 10.7% from 10.2%. Restaurants and accommodation services posted an inflation rate of 7.6% from 7%.
The seasonally adjusted prices of most grocery items ticked based on certain factors such as global events, price of petroleum products, the demand it has in the market and also natural disasters like the scattered rainstorms which lasted the whole January.