Milk prices to go up 8 pct

Posted at 06/30/2014 2:58 PM | Updated as of 06/30/2014 2:58 PM

MANILA – Prices of milk products will increase by as much as 8 percent in supermarkets starting Tuesday.

Trade Usec. Vic Dimagiba said the increase in suggested retail price (SRP) will include several well-known brands of milk, which will have increases of around P0.40 to P4.30 per can or pack.

Dimagiba said the spike is due to higher skimmed and whole milk prices.

Meanwhile, prices of canned meat products which include corned beef, beef loaf and luncheon meat, will not be adjusted.

Dimagiba said the Department of Trade and Industry (DTI) did not allow the spike in prices of these products as its raw materials are likely to go down soon.

DTI warned that any trader, manufacturer or retailer going beyond the SRP may face charges of profiteering, which carries a penalty of P2 million and 10 years imprisonment.

Dimagiba is calling on retailers to always follow the SRP to avoid cases from DTI.

BREAD, FUEL PRICES

Dimagiba also said bread prices are staying at their current levels even if milk, egg and sugar prices are going up.

Flour prices are stable and it comprises 75 percent of bread products like Pinoy Tasty and Pinoy pandesal.

Fuel prices, on the other hand, are again expected to increase this week.

Gasoline prices are likely to go up by P0.50-P0.70 per liter while the possible diesel spike is P0.10-P0.25 per liter.

Prices of liquefied petroleum gas (LPG), meanwhile are likely to go down by P0.50/kilo or a little over P5/11kg cylinder.