New SRP of basic goods out

The Department of Trade and Industry (DTI) recently published its updated suggested retail price (SRP) bulletin for basic necessities and prime commodities, marking the first release in over a year since January 12, 2023.

According to DTI data, 77 out of the 191 shelf-keeping units (SKUs) listed in the SRP update, or approximately 40 percent, have experienced price hikes.

Among the items that saw price increases are canned sardines, milk products, coffee, bread, instant noodles, and various other food and household items.

For example, canned sardines saw a price increase ranging from 5 to 15 percent, which translates to an additional 2 centavos to P2.73 for a 155-gram can.

Similarly, milk products, such as condensed and evaporated milk, experienced price hikes between 6 to 10 percent, with increases from P2.50 to P6 depending on the brand and unit.

Coffee also saw an SRP rise of 6 to 11 percent, with prices climbing between 45 centavos and P2.20. Instant noodles’ SRPs increased by 1 to 7 percent, or between 10 to 50 centavos.

Meanwhile, there were some products with unchanged or reduced prices. For instance, the SRP of 250g Pinoy Pandesal and 450g Pinoy Tasty increased by P2.25 to P3.50.

In contrast, six products, including some canned sardines and bottled water, saw a decrease in prices. Canned sardines saw a drop of less than 10 centavos, while bottled water prices fell by as much as P3.

Despite the fluctuations in SRPs, 108 items in the latest list remained unchanged. However, some manufacturers have resorted to “shrinkflation,” reducing the size of products while maintaining their SRPs.

Nine items on the list reduced their units but kept their prices, while one item reduced its unit size and maintained the SRP, and another increased its unit size to justify a price increase.