Govt sees stable prices

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The Department of Trade and Industry (DTI) expects commodity prices to be stalbe this year due to the declining cost of petroleum products.

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DTI said that based on its survey, suggested retail prices had been kept unchanged since October last year. The DTI–Consumer Protection Group (CPG) which monitors prices said that prices were even lower than the suggested retail price by as much as 24 percent for several items.

DTI-CPG Undersecretary Victorio Mario A. Dimagiba said even several brands of canned sardines and powdered milk reduced prices.

Coffee prices- Blend 45 and Great Taste- were slightly increasing but within the SRP.

DTI also said that it is meeting with the manufacturers of milk, bread and noodles for a lower SRP considering the drop in the cost of their imported raw material. For example, the price of imported skimmed milk, which is a raw material for processed milk powdered, evaporated and condensed—and comprises at least 50 percent of the price components of the product, has already dropped by 67 percent, Dimagiba said.

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