CEBU, Philippines - The Department of Trade and Industry (DTI) Cebu Provincial Office reported two minor changes on the prices of basic necessities and prime commodities.
In its recent price monitoring report as of August 15, changes included the reduced price of canned sardines in tomato sauce and an increased price of Lucky Me! Instant Mami Beef and Chicken.
From the Suggested Retail Price (SRP) range of P13.20 and P13.75, prices of different brands of canned sardines in tomato sauce at 155 grams were reduced to P12.80.
Such standardization of prices is in accordance to the instruction of the National Price Coordinating Council during its meeting last July 10.
According to Zaide Bation, chief of DTI Consumer Welfare and Business Regulation Division, the price reduction is also driven by the increase in catch of tamban that is considered to be the primary ingredient of sardines and its decrease in its price from the P25-P35 to P20-P25.
On the other hand, an increased price of Lucky Me! Instant Mami Beef and Chicken at 55 grams has been reported from P6.90 to P7.10 due to the subsequent increases in costs of transportation and raw materials particularly palm oil, coconut oil and wheat flour.
Bation noted that there have been no major changes for other products aside from those two commodities.
She added that DTI is happy to report the sustained price stability as it contributes to the wellbeing of the consumers.