JEDDAH – In a bid to protect consumers, the authorities in Riyadh will launch Tuesday a consumer price index for a number of basic goods, including flour, rice, sugar, vegetable oil, red meat, poultry, barley, dried milk and other commodities like iron and cement.
Prince Salman Bin Abdul Aziz, Emir of the Riyadh Region, is scheduled to launch the consumer commodities price index which is aimed at providing consumers with some certainty on the prices of essential items. It is also expected to help prevent massive price increases by unscrupulous businesses.
The event is being organized by the Ministry of Commerce and Industry at the King Fahd Cultural Palace in Riyadh.
The ministry has prepared the price index, which will be launched on its website. It will show the prices of a number of basic goods. These prices are monitored by the ministry’s supervisors. A number of supermarkets and commercial centers also provide price lists to the ministry electronically.
The price index will enable consumers to compare prices at different sales outlets. It is expected that the index will create competition among businesses.
Researchers will also be able to tap the information provided on the website to determine the price fluctuations of various commodities over a period of time. The idea of a price index at supermarkets and large stores in Riyadh is an initiative of the Mayor of the Riyadh region. Prince Salman approved the proposal for the index to be developed and implemented.
If the system is successful in Riyadh it will be expanded to other cities in the Kingdom. – Okaz/SG