Thursday, April 03, 2008 Prices of 5 basic commodities up: DTI
THE regional office of the Department of Trade and Industry (DTI) has monitored increases in prices of at least five basic necessities and prime commodities as of March 28, 2008.
Robert Barlis, chief of the Consumer Welfare and Trade Regulation Division (CWTRD) of the DTI Southern Mindanao, said that prices of basic necessities and prime commodities monitored by DTI per Republic Act (RA) 7581, otherwise known as the Price Act, remain stable except for powdered filled milk, hard and soft flour, processed/canned beef, instant noodles, and steel construction materials.
CWTRD monitored a 15.02 percent increase in the prices of powdered filled milk as of March 28 compared to its prices three months ago.
The division also noted an 11.25 percent and a 13 percent increase in the prices of hard and soft flour, respectively.
Prices of processed/canned beef such as Purefoods Corned Beef in particular, on the other hand, increased by 17.51 percent, while instant noodles have increased its prices up to 17.34 percent.
Meanwhile, as to the steel construction materials, prices of common wire nails (10mm) went up by 17.64 percent, and prices of steel bars (10mm) increased by 15.04 percent compared to its prices three months ago.
Barlis said milk prices increased due to the high cost of raw milk imported by Philippine manufacturers from Australia and New Zealand.
"High world wheat prices caused by shortages in supply coming from the five major producing countries are pushing flour prices up worldwide," Barlis added.
He said that the major producing countries of wheat are Australia, Europe, Argentina, canada, and the United States.
Barlis, on the other hand, claimed that the government is doing something to somehow address the high prices of wheat and flour.
"Among other possible measures, the government is currently studying the possibility of lowering tariffs of wheat and flour to cushion the impact on local manufacturers and consumers," he said.
Barlis also disclosed that the increase in the world market price of tin plates might have caused the increase in the price of canned beef.
"Instant noodles may have increased due to the increase in flour, its main ingredient," he said.
Barlis said that the current increase in steel prices is being attributed to the high cost of imported raw materials such as billets, and high energy and transport costs. (JGRS)
