Retail prices of basic goods still stable – Trade official

Retail prices of basic commodities remain stable in the wake of the latest oil price increases, but the manufacturing sector will have a slight reaction to the higher cost of petroleum products, the Department of Trade and Industry said Thursday.   "There will be slight effects, but these would not be enough reasons for…  [manufacturers] to have adjustments in the SRP of goods being monitored by the DTI," Trade Undersecretary Zenaida Maglaya said in a text message to reporters. However, the department would stop any move by manufacturers to raise the shelf price of canned goods, the Trade Department said last month. No manufacturer or group of manufacturers have contacted the Trade Department if they intend to raise prices since last week’s latest round of price increases enforced by oil companies, noted Maglaya.   "As of now we have not received any information from them if they want to increase prices and by how much," she said.   "The Agriculture Department is in charge of the monitoring of agricultural products in the markets. Based on its latest report, prices of these products remain stable at the moment," Maglaya said.   The DTI in late February, before the fishing ban on tamban or herring (sardine) was lifted in Zamboanga del Norte on March 1, noted the absence of reasons for producers of canned sardines to increase their prices with the supply of tamban expected to normalize this month.   Shelf prices of canned sardines range from P12.80 to P13.50, according to DTI data.   The department said it would stop manufacturers from raising by another P0.50 to P14 the price of canned sardines. — VS, GMA News