Commodity prices’ spike expected next year
We cannot release an exact timetable, but we will release a price adjustment for BNPC approvals next year
Daily TribuneWe cannot release an exact timetable, but we will release a price adjustment for BNPC approvals next year
Consumers should brace as the Department of Trade and Industry on Monday revealed that prices of necessities and prime commodities or BNPC are set to spike in 2024.
In an interview, DTI-Consumer Protection Group Assistant Secretary Amanda Nograles confirmed that prices of BNPC will surge but did not disclose the exact timeline.
"We cannot release an exact timetable, but we will release a price adjustment for BNPC approvals next year," she said.
Nograles said processing of notices of price adjustment is not yet done, "so we cannot provide how much price adjustments may be imposed."
In a separate television report, Nograles said 18 manufacturers notified on an increase on 63 items such as coffee and bread.
According to the DTI, basic necessities are goods vital to the needs of consumers for their sustenance and existence in times of any of the cases provided under Section 6 or 7 of Republic Act 10623, or RA10623, but not limited to, rice, corn, root crops, bread, fresh, dried or canned fish and other marine products; fresh pork, beef and poultry meat, fresh eggs, potable water in bottles and containers, fresh and processed milk, fresh vegetables and fruits, locally manufactured instant noodles, coffee, sugar, cooking oil, salt, laundry soap and detergents, firewood.
Essential items
On the other hand, prime commodities are goods not considered as basic necessities but are essential to consumers in times of any of the cases provided under Section 7 of Republic Act 10623 such as, but not limited to flour; dried, processed or canned pork, beef and poultry meat; dairy products not falling under basic necessities; onions, garlic, vinegar, patis, soy sauce; toilet soap; fertilizer, pesticides and herbicides; poultry, livestock and fishery feeds and veterinary products; paper; school supplies; nipa shingles; sawali; cement; clinker; GI sheets; hollow blocks; plywood; plyboard; construction nails; batteries; electrical supplies; light bulbs; steel wire; all drugs not classified as essential drugs by the Department of Health and such other goods as may be included under Section 4 of RA10623.
No spike until end of December
Meanwhile, prices of Noche Buena items are not expected to rise until the end of the year according to Nograles.
She said Trade Secretary Alfredo Pascual is counting on the promise of manufacturers of ham, queso de bola, fruit cocktails, all-purpose cream, and spaghetti that they will not raise their prices until 31 December 2023.
"We received a commitment from these manufacturers that they will not raise prices when Secretary Pascual met them last November 2023. So hanggang Media Noche yan para masaya pa rin ang Pasko," Nograles stressed.