Malacañang says trade department is closely monitoring prices of basic commodities

March 27, 2012 1:13 am 

MANILA, March 26 — Malacañang allayed fears on the possible unreasonable increase in the prices of basic commodities due to the rising fuel prices in the world market saying that the trade department is closely monitoring the price movements.

Presidential Spokesman Edwin Lacierda said during the regular press briefing in Malacañang on Monday that the Department of Trade and Industry (DTI) is strictly monitoring the prices of basic commodities to prevent unnecessary movement in prices of basic commodities.

"Basically, we have weekly surveys on the market prices. There is substantial increase on some commodities. We have agriculture and market products na medyo tumaas. But over all, the prices have remained constant," he said.

Lacierda also said the economic managers remain optimistic that the inflation rate will likely remain within target, averaging about 3 percent in 2012.

The Bangko Sentral ng Pilipinas (BSP) has set a goal to keep the average inflation for this year within 3 to 5 percent.

"The inflation remains at 3 percent, and we continue addressing the concerns for the oil prices. Bangko Sentral is looking at a higher rate per barrel before inflation will be changed. It should be around US$ 160 per barrel. Right now, the price per barrel is around US$ 120," he said. (PNA)

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