DTI: Lower prices of goods seen

By on August 12, 2015


Shutterstock
Shutterstock

MANILA — The Department of Trade and Industry (DTI) noticed lower prices of goods in the local market.

In a briefing on Wednesday, DTI Consumer Protection Group Undersecretary Atty. Victorio Mario A. Dimagiba said the lower prices of goods were brought by various factors such as decrease in prices of oil and liquefied petroleum gas (LPG), distribution cost, raw materials, and power.

With the falling prices of wheat in the international market, flour millers and bakers had implemented rollbacks on prices of flour and bread since last month.

Dimagiba mentioned that French Baker said it will cut prices of bread by 3.0 percent or translating to Php1.00 to Php2.00 price reduction starting next week.

“Based on monitoring, prices of flour declined from a high of Php50 to Php30 per bag,” he added.

He also said milk manufacturer Alaska slashed prices of its powdered milk drink from Php274.50 to Php265.05 for 900-gram pack and from Php221.50 to Php212.80 for 700-gram pack.

The DTI official mentioned that the stable sugar prices contributed to the competitive prices of basic goods in the market.

The National Economic Development Authority (NEDA) reported that the country hit its lowest inflation rate in 20 years in July 2015 which touched to 0.8 percent.

NEDA explained the easing inflation rate last month was backed by moderate price pressures in food subgroup including bread and cereals, fish, vegetables, and fruits.