Retailers report up to 6% increase in prices of basic goods

Prices of select goods have started to increase due to higher costs amid the soaring prices of fuel, according to the Philippine Amalgamated Supermarkets Association (Pagasa).

According to Pagasa president Steven Cua, prices of basic necessities and prime commodities have increased by an average of 4% to 6%, while other goods such as body lotion and facial cream have increased by 8% to 15%.

Prices of food mixes and enhancers were also recorded to have increased by 24%.

In a text message, Cua attributed the increase to higher logistics and production costs brought about by the increase in prices of oil and fuel and the higher shipping and cargo and power costs.

The announcement comes as the country has so far recorded 11 straight weeks of increases in pump prices of petroleum products, with gasoline prices up by P7.10 per liter and diesel by P13.15 per liter on Tuesday alone.

The Department of Energy (DOE) has maintained that the ongoing conflict between Russia and Ukraine has hit global prices, which in turn impacted domestic prices.

Latest DOE data show that year-to-date adjustments stood at a total net increase of P13.25 per liter for gasoline, P17.50 per liter for diesel, and P11.40 per liter for kerosene as of March 8, 2022.

The same data revealed that prices in Metro Manila range from P59.85 per liter (Caloocan) to P84.55 per liter (Muntinlupa) for gasoline, and from P55.20 per liter (Pasig) to P73.39 per liter (Taguig) as of March 10, 2022.

The Bangko Sentral ng Pilipinas (BSP) last week also expressed its support for fiscal interventions aimed to address the inflationary uptick, with the February print recorded at 3.0%.

For its part, the government has allocated some P2.5 billion to provide fuel vouchers for some 377,000 qualified public utility vehicle drivers across the country, amid the successive pump price hikes.—AOL,GMA News