Qatar consumer prices drop on govt initiatives to regulate costs
July 08 2020 07:55 PM

The government's initiatives to regulate prices during Ramadan yielded positive results with Qatar witnessing a general drop in the consumer prices — particularly in the price of food and beverages, according to the Ministry of Commerce and Industry (MOCI) report.

The CPI (consumer price index) clearly demonstrated that consumer goods prices trended downward since March and declined further during Ramadan, the report said.

The regulation of prices was taken in a bid to bolster the purchasing power of citizens and residents, and to alleviate the financial burden resulting from the "unjustified" hike in the price of various commodities, especially basic consumer goods.

The CPI covered 12 major categories, including food and beverages, which represent of the most important categories in the report, and account for 13.45% of total family spending.

The category covers various food products, including Ramadan commodities, and constitutes 13% of a total basket — the equivalent of 557 products.

The report noted that the drop in the price of basic food products was evident in May, which coincided with most of the days of Ramadan.

The meat CPI decreased from 105.65 in March to 101.97 in May, while the fish and seafood CPI fell from 85.89 in March 2020 to 75.76 in May.

Meanwhile, the fruit price index fell from 100.86 in April to 100.75 in May, while the vegetable index fell from 99.93 in March to 97.12 in May.

The CPI for cereals declined from 101.44 in March to 96.92 in May, while the CPI for the milk, cheese and eggs group decreased from 101.72 in March to 95.64 in May.

Additionally, the price index for spices, salt and marinades decreased from 101.74 in March to 100.36 in May 2020.

The joint community initiative between malls and suppliers contributed “significantly” to the decline in food and consumer prices referred to in the CPI index for June.

The initiatives launched by MOCI during Ramadan fell in line with its efforts to maintain efficient markets and to balance supply and demand, resulting in the provision of products at appropriate prices for producers, suppliers and consumers.

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