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DTI: No hike in consumer prices till next year

/ 04:37 AM November 06, 2019

MANILA, Philippines — The Department of Trade and Industry (DTI) on Tuesday said it told manufacturers not to further increase their suggested retail prices until the first quarter of next year.

Trade Undersecretary Ruth Castelo, who heads the agency’s consumer protection group, said the move was meant “for consumer protection in the Christmas season” so they could “enjoy more stable prices.”

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The only exception is the spike in the price of Christmas ham despite the recent decline in the retail prices of pork because of fears over African swine fever (ASF) contamination.

“Prices of pork go up because retailers want to instantly [get their earnings] while raisers [want] to recoup their losses. In the end, [this] will work against them because consumers [will] no longer buy when you combine the ASF scare and the high price,” Castelo told the Inquirer. —Roy Stephen C. Canivel

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TAGS: consumer prices, DTI, Ruth Castelo, SRP, suggested retail price
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