DTI issues new SRP, 77 items hike prices

(PNA photo by Ben Briones)

MANILA, Philippines – The Department of Trade and Industry (DTI) on Thursday issued the latest suggested retail price (SRP) bulletin of basic necessities and prime commodities, more than a year after its last release on Jan. 12 last year.

DTI data showed that out of 191 shelf-keeping units (SKUs) in the latest SRP list, 77 items or 40 percent of the SKUs have increased their SRPs.

READ:

LPG prices increase in February

DTI eyeing to accredit up to 10 vape firms by year-end

Basic necessities and prime commodities that hiked their prices include canned sardines (7), condensed milk (1), evaporated milk (1), powdered (1), coffee refill (5), coffee 3-in-1 (4), bread (2), instant noodles (3), candles (5), luncheon meat (1), meat loaf (1) corned beef (4), beef loaf (3), salt (6), bottled water (5), condiments (15), toilet soap (6), detergent and laundry soap (6), and battery (1).

For instance, the SRP increase of canned sardines ranges between 5 to 15 percent, or 2 centavos to P2.73 increment for a 155-gram can.

Milk SRPs have an increase of 6 to 10 percent, or from P2.50 to P6 depending on brand and unit.

For coffee, the SRP hike approved by the department ranges between 6 to 11 percent, or from 45 centavos to PHP2.20.

Instant noodles have SRP increment ranging from 1 to 7 percent, or from 10 to 50 centavos.

Since the SRP bulletin dated Feb. 8, 2023, SRPs for Pinoy Pandesal and Pinoy Tasty have not moved. In the latest issuance, the SRP of 250g Pinoy Pandesal and 450g Pinoy Tasty increased by P2.25 to P3.50.

On the other hand, six products have lower SRPs, including canned sardines (2) and bottled water (4).

SRP changes in canned sardines were only below 10 centavos while a decrease in SRP of bottled water was as high as P3.

Some 108 items have not changed their SRPs in the latest bulletin.

To maintain competitiveness in the market, some brands have maintained their SRPs but practiced “shrinkflation”, or reducing the size of a product while keeping the same price.

Nine items in the SKUs have reduced their units and maintained their SRPs; one has decreased its unit and kept the SRP; and the other one has increased its unit to introduce price hike. (PNA)