Govt database to battle price spiral
Monday, 23 November 2009
FE Report
The government has taken a move to cross-check the demand, supply and import of essential commodities to rein in the prices in the local market ahead of the Eid-ul-Azha festival.
A high-powered committee will prepare a database on the demand, supply and imports that will help check any unusual hike in prices of the essential commodities, officials said.
The six-member committee will assess the annual imports as well as the local production against the annual demand for such items.
The committee comprising representatives from ministries of commerce, agriculture, food and disaster management, National Board of Revenue, and Bangladesh Bureau of Statistics will prepare a report based on the database.
"The move will help the government check any artificial price hike of the essential products," said a government official.
The government formed the body in a meeting of the inter-ministerial monitoring committee on prices of essentials held in the commerce ministry last week.
In the meeting, the committee has examined three reports on prices of essentials submitted by the Trading Corporation of Bangladesh (TCB), the market monitoring team and the deputy-high commissioner of Bangladesh in Kolkata.
The government has taken a move to cross-check the demand, supply and import of essential commodities to rein in the prices in the local market ahead of the Eid-ul-Azha festival.
A high-powered committee will prepare a database on the demand, supply and imports that will help check any unusual hike in prices of the essential commodities, officials said.
The six-member committee will assess the annual imports as well as the local production against the annual demand for such items.
The committee comprising representatives from ministries of commerce, agriculture, food and disaster management, National Board of Revenue, and Bangladesh Bureau of Statistics will prepare a report based on the database.
"The move will help the government check any artificial price hike of the essential products," said a government official.
The government formed the body in a meeting of the inter-ministerial monitoring committee on prices of essentials held in the commerce ministry last week.
In the meeting, the committee has examined three reports on prices of essentials submitted by the Trading Corporation of Bangladesh (TCB), the market monitoring team and the deputy-high commissioner of Bangladesh in Kolkata.