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52% of srp items had price increases this year

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September 12, 2018, 8:58 am
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Consumer group says SRPs of basic commodities up 52%
By Irma Isip
September 11, 2018
The Laban Konsyumer Inc. (LKI) yesterday said the suggested retail prices (SRPs) of basic and prime commodities monitored by the Department of Trade and Industry (DTI) rose an average of 52 percent since the beginning of the year.
LKI used the expanded coverage of goods being monitored by the agency now at 224 stock keeping units on the SRPs as of September 1.
Vic Dimagiba, LKI president, however said there were no increases in the SRPs on the new products added to the expanded coverage.
The DTI said in a September 7 statement it thoroughly reviewed the new SRPs and ?made sure that there is basis for the changes.?
According to the DTI, five products ? canned sardines, evaporated milk, corned beef, detergent soap and toilet soap ? have adjustments in their SRPs.
The DTI said all commodities with adjusted SRPs have not changed their prices in years.
The latest SRP will remain in effect for the next three months, or until December 2018, following manufacturers? affirmation to DTI?s appeal for price increase hold-off.
Based on LKI?s calculations, one brand of sardine has increased its price from P14 to P15.30; evaporated milk from P38.15 to P39; detergent soap, P18.59 to P19; and bath soap from P17.50 to P17.75 for a 60-gram bar and P28 to P29.25 for a 90-g bar.
One brand of detergent bar adjusted its price twice and the price of 10 brands of canned meat rose two times as well.
Meanwhile, presidential spokesman Harry Roque yesterday said Malacañang is not ?sleeping on the job? nor has it turned its back on the problems of the country, particularly the high inflation and rising prices of food, fuel and other commodities.
In a radio interview, Roque said the nine-year-high 6.4 percent inflation rate in August is unfortunate but triggered by the rising prices of fuel and the trade war between the United States and China.
?It is just unfortunate that the prices of crude oil almost doubled. But we are not turning our back on this challenge,? he said in Filipino.
Roque said in his regular briefing in Malacañang the government has taken steps to cushion the impact of inflation, including allowing the entry of imported food products like rice, fish, meat and vegetables to increase supply.
He added the administration has been pushing for the passage of the Rice Tariffication bill and is eyeing to allow the importation of broken rice to augment the P27 per kilo rice supply.
He said there were also discussions to appoint an official who would handle the approval and release of import documents on rice to avoid delay in the release of imported rice.
Roque said this was again discussed when President Duterte convened the Cabinet members who accompanied him to Israel.
They likewise discussed measures adopted to address the rising oil prices like the ongoing efforts to import oil from Russia, he added.
Roque also defended the President who blamed the inflation on US President Donald Trump, saying the trade war between the US and China affected the Philippines? economic growth and eventually the inflation level in the country.
He said the Sino-US trade war had weakened exports and eventually slowed down economic growth.
?Before things were going smoothly, going as planned, but it was hampered by the trade war,? Roque said.
Category: Business News
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