December 9, 2022

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Prices of most noche buena goods rise ahead of holidays

2 min read
FOOD products typically used for Christmas meals, such as noodles and spaghetti sauce, are sold at Commonwealth Market, Nov. 8, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

MAJORITY of food products considered as Christmas staples by Filipinos will see an increase in prices ahead of the holiday season, with some pasta and spaghetti sauce items set to go up by more than 10%, the Trade department said.

The Department of Trade and Industry (DTI) is set to release on Wednesday (Nov. 23) its noche buena price guide, which includes prices of 223 shelf keeping units (SKUs) such as ham, fruit cocktail, pasta or spaghetti noodles, spaghetti sauce, and queso de bola.

In a statement, the DTI said the suggested retail prices (SRP) of 195 out of 223 SKUs of noche buena items will go up by 1-10%. The brands of these items were not released.

Of this, 94 food products will see a price hike of more than 10%. Prices of 51 items will go up by 6-10%, while another 50 products will go up by 1-5%.

The DTI said eight SKUs saw no price change, while two items reported lower prices. Eighteen new SKUs were included in the price guide.

“The prices of raw materials have gone up and we need to recognize that. (The price increases are) those (items) with heavy imported components and those that require heavy transportation demand,” Trade Secretary Alfredo E. Pascual told reporters on the sidelines of a conference in Makati City on Tuesday.

In a separate statement, the DTI Consumer Protection and Advocacy Bureau (CPAB) said the agency does not regulate or approve prices of noche buena products, unlike basic necessities and prime commodities included in the SRP bulletin as mandated by the Price Act.

“Also, retailers may have different prices because of the non-regulation of the prices of the Noche Buena products — but this is where free market competition comes into play,” CPAB said.

It added that price adjustments may have already been implemented by some manufacturers even before…

Neil

2022-11-22 11:32:58

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