By Kris M. Crismundo
MANILA, Feb. 3 (PNA) — Prices of goods will further fall slightly, Department of Trade and Industry (DTI) Secretary Gregory L. Domingo said.
Domingo, at the sidelines of National Price Coordinating Council (NPCC) meeting on Tuesday, said some products have slashed their prices due to declining oil prices, falling electricity cost, and lower raw materials, among other factors.
“[The] trend now is we have slight downward on prices [of goods],” he said.
On average, prices have declined by 2.0 to 4.0 percent pushed by more than 60 percent decrease on fuel prices.
The DTI chief said oil prices are now pegged at USD40 a barrel from USD110 a barrel.
In January, DTI announced that milk and bread manufacturers committed to lower suggested retail prices (SRPs) of their products.
“Aside from milk and bread products, we can expect more basic and prime commodities to cut their prices in the next months,” Domingo said.
He, however, noted that the downtrend in fuel and electricity costs have different effects to sectors thus, the Department cannot estimate how much prices of goods and services should go down.
The Cabinet official, on the other hand, said the 2.0 to 4.0 percent average decline in prices of goods is still low compare to the big time roll back in oil prices.(PNA)