The Department of Trade and Industry (DTI) in Manila has recently updated its suggested retail price (SRP) bulletin for essential goods and prime commodities, marking the first revision since January 12 of the previous year. The new bulletin, released on Thursday, indicates that out of the 191 shelf-keeping units (SKUs) listed, 77 items, representing 40% of the total, have seen an increase in their SRPs.
A variety of products have been affected by these price adjustments, including canned sardines, various types of milk, coffee products, bread, instant noodles, candles, luncheon meat, meat loaf, corned beef, beef loaf, salt, bottled water, condiments, toilet soap, detergent, laundry soap, and batteries. For example, the price of canned sardines has increased by 5 to 15%, which translates to an additional 2 centavos to PHP2.73 for a 155-gram can. Milk products have seen a price hike of 6 to 10%, ranging from PHP2.50 to PHP6, depending on the brand and size. Coffee prices have gone up by 6 to 11%, with increases from 45 centavos to PHP2.20. Instant noodles have experienced a price rise of 1 to 7%, or 10 to 50 centavos.
Not all changes were increases; six products, including two types of canned sardines and four types of bottled water, have seen their SRPs decrease. The reduction in canned sardines was less than 10 centavos, while the decrease in bottled water reached up to PHP3.
The SRP bulletin dated February 8, 2023, showed no changes for Pinoy Pandesal and Pinoy Tasty, but the latest issuance reflects an increase of PHP2.25 to PHP3.50 for 250g Pinoy Pandesal and 450g Pinoy Tasty, respectively.
Despite the price adjustments, 108 items have maintained their SRPs. However, some brands have resorted to ‘shrinkflation’, reducing product sizes while keeping prices the same to remain competitive. Among the SKUs, nine items have reduced their units while maintaining their SRPs, one has decreased its unit size and kept the SRP, and another has increased its unit size to justify a price increase.