Brace yourselves for some price increases before long.
The Department of Trade and Industry said Monday prices of canned sardines might push up soon, but bread costs would remain stable for the next three months.
DTI Undersecretary Ruth Castelo said they received a request from one canned-sardine manufacturer to raise prices due to increases in fuel costs.
“We are currently studying it, and we have already also communicated with them that we will, of course, have to first verify the info we received and then negotiate with them later on if it’s still okay,” Castelo said.
But she said the price increase for canned sardines would not take effect immediately after approval.
“They also gave us time when it would be imperative for them to increase the price,” the Trade official said.
Bakers and bread manufacturers meanwhile have yet to ask the DTI for a price increase for their products, Castelo said, as supplies of wheat have already been secured for at least three months.
Flour millers, who import wheat, have already received enough supplies for a month, and have already paid for shipments for the next two months, DTI said.
Bread prices were also already allowed to rise earlier this year.
“We increased the price of Pinoy Tasty by P3.50 last January, and then P2.50 for Pinoy Pandesal. This is a very recent increase. We will have to receive another request from Phil Baking before we make another price adjustment,” Castelo said.
Global wheat prices spiked in recent weeks following Russia’s invasion of Ukraine. The two Eastern European countries account for around 29
percent of global wheat exports.