Prices of basic goods to remain stable – DTI

CEBU, Philippines - Prices of basic goods are unlikely to go up throughout the Christmas season, a local trade official predicted.

Department of Trade and Industry-Cebu Director Nelia Navarro said prices of basic goods would likely stay stable or even go down during the season.

In fact, Navarro said, retailers usually take this season as an opportunity to offer promos to increase sales.

The DTI official said that prices of Noche Buena items are likely to be stable.

"I don't imagine prices of basic products to go up," she said.

The National Economic and Development Authority (NEDA) said that food prices particularly in Central Visayas had stabilized during the first half of 2015.

The region's average inflation in the first semester eased to 2.5%, well below 5.7% recorded in same period last year.

But the NEDA also predicted the impending dry spell is expected to have impact on prices of commodities in the region.

In August, Philippine inflation eased to a new low at 0.6% due to softer oil and food prices, down from 0.8% the month before and 4.9% recorded in August last year.

The country's economic managers had said the threat of the El Niño on food price growth still remains. 

The NEDA had also said downward price pressures in food, energy and oil kept inflation at bay. — Carlo S. Lorenciana (FREEMAN)