The Department of Trade and Industry (DTI) said the prices of 152 items typically consumed during the Christmas celebration, known in the Philippines as Noche Buena, increased, with cheese products leading the way. rise.
Assistant Secretary of Commerce for Consumer Protection Panel Amanda F. Nograles said the majority of stock-keeping units (SKUs) saw their prices increase by 1 to 5 percent.
Some 83 SKUs showed increases of 1-5%, while 37 items became 6-10% more expensive. Prices of 32 items were increased by more than 10%.
The DTI releases a pricing guide as the holidays approach, with this year’s edition listing 240 SKUs.
Prices remained unchanged for 34 references, while 21 items recorded a price drop.
“It will be difficultFicult to establish a trend, as SKUs that have experienced an increase and decrease are visible in the 12 categories of the price guide,” Ms. Nograles said during a brief speech.Fing Tuesday.
“But the biggest increase was seen in cheese products… other products that increased include spread, ham, fruit cocktails, queso de bola (Edam style cheese) and mayonnaise,” a she added.
Ms. Nograles said the price increases were mainly due to rising prices of raw materials and packaging materials, as well as increased electricity and distribution costs.
Prices remained unchanged for Virginia brick ham and pear-shaped ham, which suggested prices of P198 per 500 grams and P345 per kilogram, respectively.
“In the 2023 Noche Buena Price Guide, we want to emphasize that our consumers have the opportunity to choose their Noche Buena meals,” Ms. Nograles said.
“Unlike previous years, the DTI took a more proactive role this year by actively involving all noche buena item manufacturers and asking them to participate in the price guide,” she added.
Earlier this month, the DTI asked commodity manufacturers and retailers to hold oand F prices increase until the end of the year.
“Currently, 63 price adjustment requests have been filed with the DTI, but we are currently in talks with them and most of them have committed not to increase their prices before December 31,” Ms. Nograles.
Separately, Commerce Secretary Alfredo E. Pascual said the department is currently studying the state of competition in consumer products.
“I want to study to what extent competition in the consumer products market exists in the Philippines,” he added.
He said the study will determine whether a change to the Prices Act is necessary and possibly determine the future of the Suggested Retail Price (SRP) system.
“We want to continue this study to determine whether the SRP does not promote competition (and address) the idea that the government is interfering in the functioning of the free market,” Mr. Pascual said. — Justine Irish D. Tabile