DTI: No price hikes yet despite MidEast war escalation

No manufacturer of basic goods has sought another round of price increases despite the renewed conflict in the Middle East, according to the Department of Trade and Industry (DTI).

Trade Secretary Cristina Roque said she has yet to meet anew with manufacturers of basic necessities and prime commodities (BNPCs) after the resumption of fighting between the United States and Iran.

However, she said the renewed conflict could prompt the DTI to resume regular meetings with BNPC manufacturers, many of whom had earlier agreed to defer price increases at the agency’s urging during the height of the conflict early this year.

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“After that increase, we didn’t meet again because everything had stabilized,” Roque said. “If there are tensions again, then we will resume the meeting.”

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Roque was referring to the DTI’s last meeting with BNPC manufacturers in May, when some canned sardine producers sought approval to raise prices by no more than 10 percent from their preconflict levels.

She said on Saturday that the agency had in fact approved price adjustments for selected products.

Based on the DTI’s latest suggested retail price (SRP) guide, which took effect on May 11, nearly all canned sardine brands implemented increases ranging from P0.50 to P6.25.

The largest increase was recorded for the 155-gram Sallenas regular lid variant, whose SRP rose to P24.75 from P18.50. The smallest increase was for the 155-gram Toyo Bonus Green EOC, which rose to P20 from P19.50.

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“(Sardine prices increased) because of the vessels; their fuel consumption is high,” Roque said.

The updated SRP guide also reflected increases in selected instant noodle products. A 55-gram Ho-Mi instant noodle rose to P9 from P8.50, while a 55-gram Lucky Me variant increased to P9 from P8.75.

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Some condiments also became more expensive. The SRPs of 350-milliliter Datu Puti or Silver Swan white vinegar increased to P19.25 from P18, while a 350-ml bottle of Lorins patis rose by P2.50 to P27.50. Soy sauce prices also increased, including a 350-ml Silver Swan, to P22.25 from P20.75.

Other product categories with price adjustments included candles, coffee, bottled water, detergent and laundry soap, and batteries.

In an earlier interview, Roque said manufacturers had sought higher prices as they grappled with elevated fuel and logistics costs stemming from disruptions to oil supply routes in the Middle East.

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This week, diesel prices are projected to increase by P9.50 to P10.50 per liter, while gasoline prices are expected to rise by P3.50 to P4.50 per liter. INQ