Commodity Price Issue: Union Committee holds meeting for price stability

The Union Committee for Stability of Commodity Price held the meeting 1/2023 on Wednesday afternoon at the Ministry of Planning and Finance in Nay Pyi Taw.

In his address at the meeting, Chairman of the Committee Deputy Prime Minister Union Minister U Win Shein stressed that the Committee has to stabilize prices of rice, cooking oil and basic foodstuffs in cooperation with relevant departments and associations.

It also needs to oversee the issues that will disrupt the stability of commodity prices in accordance with the law and to find appropriate ways to make the prices reasonable according to the products of each region.If general commodity prices rise, the inflation rate will also rise. It is necessary for the regional/state governments to find ways to increase manufacturing and to provide the necessary support to agricultural and livestock sector to improve production which are key in the production of basic foods.

Condition of the rising prices of rice and palm oil must be systematically analyzed and effectively managed, he added. Also, Vice Chairman of the Committee Union Minister for Commerce U Aung Naing Oo explained past, current and future actions to stabilize commodity prices. And, attendees reported on measures to improve manufacturing and stabilize commodity prices.