Prices of noche buena fare getting higher

Manufacturers of some noche buena products and other basic commodities have jacked up prices as Christmas nears due to higher foreign exchange rates and high fuel prices.

Trade Secretary Ramon Lopez said a number of brands per product category have reported increases in their prices starting this month, following a National Price Coordinating Council Meeting yesterday afternoon.

Lopez said manufacturers attributed the hike to the depreciation of the peso against the US dollar, higher fuel prices and the surge in prices of raw materials. Because of these factors, some manufacturers were unable to retain their prices.

“Good news is there’s enough supply. No aberration on supply chain. There are more brands, there is healthy competition. That’s the reason why generally prices are stable except for some premium brands. Average is two out of 10 brands per category have increased,” Lopez said.

Despite the increase, Lopez said prices of these products remain below the suggested retail prices (SRP).

“There was an increase for noche buena products. For each category, there are one or two brands that increased prices out of six or eight,” he said, citing products such as fruit cocktail, cheese, pasta and spaghetti sauce.

Several brands of sardines, canned meat and milk also reported price hikes but mostly those in the premium segment.