THE prices of basic commodities and basic goods in the country have been below the suggested retail price (SRP) levels in the first half of the year, according to the Department of Trade and Industry (DTI).
Based on the price-monitoring reports of the DTI’s consumer protection arm, the prices of select goods in the two categories have been “significantly declining” in the first semester.
Canned sardines, condensed milk, evaporated milk, powdered milk, coffee refill, instant noodles and corned beef have registered a significant decline in prices—ranging from P.05 to P7.65.
The biggest declines were monitored in the months of January, February, April and May.
It is notable that among the commodities, processed milk is the product that reduced its price the most due to, among others, the declining price of skimmed milk powder in the world market in the first five months of the year.
Some prime commodities also registered low prevailing prices when compared to that of the SRPs. Condensed milk, evaporated milk, coffee refill, and corned beef are lower than the SRPs by P1 to P3.
“The reduction in prices occurred in different months within the first semester of the year. Despite that, prices have been consistently lower or pegged at the SRP level,” Dimagiba said in a statement.
The DTI attributes the reduction in prices to competition in the market. The agency said it would welcome any further reduction in prices from manufacturers.