STATEMENT OF THE DEPARTMENT OF TRADE AND INDUSTRY (DTI) ON THE FEBRUARY 2023 SUGGESTED RETAIL PRICE (SRP) BULLETIN
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The DTI published the latest suggested retail price (SRP) bulletin of basic necessities and prime commodities (BNPCs) today, 08 February 2023, in Philippine Star for the information and guidance of producers, manufacturers, traders, dealers, sellers, retailers, and consumers.
Amidst the rise in prices of raw and packaging materials, and other costs worldwide, manufacturers of BNPCs were allowed to adjust their prices to keep their businesses running. It is worth noting that for the last six (6) months, prices of BNPCs in the Bulletin have not moved despite the upward pressure from increases in the cost of production. The DTI appreciates the continuous cooperation of manufacturers.
In the latest bulletin, 141 or 65% of the total Stock Keeping Units (SKUs) maintained their 12 August 2022 prices while 76 or 35% of the SKUs increased by PHP0.45 to PHP7.00. Commodities that increased prices include canned sardines in tomato sauce, processed milk, coffee 3-in-1 original, noodles, bread, detergent soap, canned meat, candles, and condiments. Increase in the price of food items were kept to PHP0.45 – PHP3.60. The DTI assures the public that price adjustments were carefully studied and kept to a minimum to ensure that affordable goods are still available in the market.
External factors such as the high cost of raw materials, the high acquisition cost of finished imported products, packaging materials, logistics, and transportation costs greatly affected the prices of goods. As inflation accelerated further to 8.7% percent in January 2023 from 8.1% in December 2022, consumers are encouraged to use the SRP bulletin as a guide in making informed purchasing decisions. The public may refer to the most recent SRP list of basic and prime goods before going to supermarkets and grocery stores. The price guide is accessible via the DTI website.
The DTI also keeps a close watch over the movements in prices of raw materials and continues to regularly monitor the price and supply of basic goods in the market to safeguard consumers from profiteering.
Consumers are requested to report retailers, distributors, and manufacturers that sell basic necessities and prime commodities above their SRPs via One-DTI (1-384) Hotline or email, ConsumerCare@dti.gov.ph. END