DTI to include unit costs in price bulletins

By: Alden M. Monzon1 hour ago

MODEST FARE There are 16 product lines of canned sardines currently covered by the Department of Trade and Industry’s SRP (suggested retail price) list. GRIG C. MONTEGRANDE

MANILA, Philippines — The Department of Trade and Industry (DTI) is planning to include the unit cost in the suggested retail price (SRP) bulletin to help consumers make more sound decisions in buying basic goods such as noodles, bread and canned items.

Trade Assistant Secretary Amanda Nograles, spokesperson for the DTI’s consumer protection group, said during a roundtable discussion with reporters that the move was part of the government’s effort to address consumer concerns on “shrinkflation.”

READ: Shrinkflation: DTI okays downsizing of key goods

“If you are a consumer, you would look at the prices of the items and products (in the SRP bulletin) but it is not easy to make a comparison,” Nograles said, pointing out that the products are listed with different volumes in grams or milliliters.

“We will require the unit cost to be included so that in one look, you can see which ones are cheaper and then you can just make judgments based on the brand,” she added.

Mobile price app

Shrinkflation is a strategy by manufacturers where the size or volume of their products is reduced so that they can maintain prices to keep up with rising production costs.

Nograles said they were also updating the DTI’s e-Presyo app, a free service platform where consumers can check prices of basic goods and necessities in real time.

“We are trying to fast-track the launch of this app,” she said, noting that the app would use crowd-sourced information from consumers and manufacturers.

She added that the DTI would use AI (artificial intelligence) technology to help with data analysis and to ensure that the crowd-sourced data to be used in the app are reliable.

 
For Latest Updates Follow us on Google News
 

-

PREV Kosovar artist’s doodle sculptures take over New York’s Met rooftop
NEXT Brightcom Group Share Price Live blog for 21 May 2024