Abu Dhabi rolls out new Consumer Price Index |
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The UAE capital yesterday launched its first regular consumer price index (CPI) comprising more than 50 food items and said the index would later be updated and made available on a weekly basis at its website and main shopping outlets.
The index for the previous two months showed there was a surge in the prices of rice, fish and meat but the price of most other listed food items recorded relative stability, indicating that recent agreements between the UAE Government and major marketing outlets have succeeded in controlling spiraling prices of consumer products.
The Abu Dhabi Department of Planning and Economy (DPE), which launched the new CPI said the surge in the price of some types of rice was mainly because of supply shortages and the absence of price agreements between importers and the government.
It attributed the sharp rise in the prices of fish, some of which jumped by almost 24 per cent in June, to the high cost of diesel and fishing equipment, and the migration of fish to deep waters because of the soaring summer temperatures.
"In a bid to maintain consumer awareness at the highest possible level, the Department of Planning and Economy in Abu Dhabi has launched the index to monitor price trends of essential commodities," DPE said in a statement yesterday.
"The consumer price index is a vital project that would help create a positive and competitive climate for prices in Abu Dhabi emirate," it said.
It said the project started a few years ago as a bulletin published every six months and annually, featuring prices of consumer items and building materials.
However, it has now evolved into a regular index to monitor trends by way of providing scientific and accurate data.
"To be published monthly at the initial stage and weekly later in the newspapers, the index will contain commodity prices at major marketing outlets in Abu Dhabi. Justifications for any changes in the prices will also be featured in conjunction with consumer protection unit at the Department," the statement said.
It said the segments of the index were based on findings of a survey on family income and spending which was conducted in 2007 by DPE.
The survey identified some 53 food and other consumer items, which accounted for about 14.91 per cent of the family spending in the UAE capital.
"The index will be regularly updated and will be available at most of the outlets and stores in Abu Dhabi. This will make access to price information easy for the general public. The next step would be to post this index on the DPE's website.
"The Department will also design a news bar on its website, showing commodity price trends. Apart from food, beverage, and tobacco, new price segments will be added in accordance with latest trends."
According to the June index, prices of essential commodities have generally been stable at main outlets in Abu Dhabi.
However, prices of agricultural products have dropped due to promotions being offered to consumers. But there was a surge in the prices of some other products, including fish, rice, cucumber, onion, etc. The report said 23 of the listed items recorded price stability during June compared with May while 18 prices recorded low to high increases and the rest declined.
A general graphical comparison in the prices of those items over the previous two months showed consumer prices in Abu Dhabi have remained almost under control, thanks to the recent series of price stabilising agreements signed between the Ministry of Economy and several key shopping outlets.
Food prices gone sour
Rice imports
The CPI, which covered prices at CarrefourCarrefour
and Abu Dhabi Co-operative SocietiesAbu Dhabi Co-operative Societies, showed the price of Indian basmati rice edged slightly higher by only around one per cent from Dh59 to Dh59.50 per five kilos at Abu Dhabi CoopsAbu Dhabi Coops. But there was a surge of nearly 85 per cent in the Pakistani basmati rice from Dh33.50 to Dh62. The index gave no comparison figures for the other types of rice or for the prices at CarrefourCarrefour."It was noted recently that rice prices have gone up due to the failure of importers to agree on a price with the Ministry of Economy, a decline in imports, crop failure in producing countries and growing use of rice as biofuels," DPE said.
Fish prices
The index also showed there was a sharp increase in the price of Hammour fish last month although Abu Dhabi and other emirates are among the largest fish producers in the Arab world, with a combined output of more than 100,000 tonnes of fish per year.
From Dh38.50 in May, Hammour prices swelled by around nine per cent to Dh41.95 at CarrefourCarrefour
while they soared by nearly 24 per cent from Dh36.9 to Dh45.9 at Coops. There were also increases in the prices of other fish at both outlets during June."It was also noted that fish prices were high due to weather change and high cost of fishing because of higher prices of diesel and equipment," the DPE report said.
There were also price rise in a handful of other consumer items, including Australian minced beef, which grew by around nine per cent from Dh22.9 to Dh24.9 at CarrefourCarrefour
and by nearly five per cent from Dh22.9 to Dh22 at Abu Dhabi CoopsAbu Dhabi Coops. Fresh poultry prices increased by eight per cent at CarrefourCarrefour and 14 per cent at Coops.The index showed the prices of sugar, coffee, water bottles and most other types of meat, fruit and vegetables remained almost stable except red onion and cucumber, which jumped by 233 and 339 per cent.
The numbers
24%: The percentage rise in fish prices in June
23: Listed items showed price stability in June
By Nadim Kawach
© Emirates Business 24/7 2008
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