Rising food prices significantly impact wage earners and grassroots, says Chairman of Union Committee for Stability of Commodity Price

The rising prices of basic food items have had a major impact on salaried employees and the grassroots, said U Win Shein, Chairman of the Union Committee for Stability of Commodity Price, Deputy Prime Minister and Union Minister for Planning and Finance.

U Win Shein delivered a speech at the Union Committee for Stability of Commodity Price (4/2024) meeting held on November 22 at the meeting room of the Ministry of Planning and Finance, Office No.26.

The meeting was attended by the Vice Chairman of the Union Committee for Stability of Commodity Price and the Union Minister for Commerce, the Deputy Ministers of the Committee, the Vice Governor of the Central Bank of Myanmar (CBM) and officials, and the Chief Ministers of Regions and States, the Ministers for Economy, the Secretaries of the Municipal Development Committee and the President, Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) attended via video conference.

The Union Minister said that the current situation of rising prices of basic food items in the regions and states has a great impact on salaried employees and the grassroots, and therefore, the region and state governments should discuss in detail the measures, needs and practical measures that will be taken to control the current situation on the ground, including the distribution and sale of rice, cooking oil, meat, fish, various eggs and basic food items, medicines and medical supplies, and fuel.

The loss of agricultural production due to climate change will also have an impact on the stability of commodity prices. Since the areas under rain-fed rice were damaged due to floods in some areas, it is necessary to systematically calculate and manage rice cultivation, production, domestic consumption, reserve rice and export, etc. The region and state governments need to take strict measures to ensure the systematic distribution of palm oil. To stabilize the prices of meat, fish and eggs, the needs of the country such as the production of livestock, food and vaccines are being taken into consideration, he said.

The relevant officials need to monitor the prices of fertilizers and pesticides to prevent profiteering, and that there is a need to discuss and implement short-term and long-term measures to be taken by regions and states regarding price stability, he added.

The Union Minister for Commerce presented the measures to stabilize the prices of basic food items including rice, palm oil, medicines and pharmaceuticals and the issues to be taken forward. The Chief Ministers of the regions and states and the committee members discussed the implementation of the decisions of the Union Committee for Stability of Commodity Price meeting, the measures to stabilize the prices of basic food items by regions and states, the daily monitoring situation regarding important goods such as medicines and pharmaceuticals, and fuel, and the difficulties encountered and the issues that should be addressed. The Chairman of the Union Committee for Stability of Commodity Price coordinated the activities and requirements to be carried out to stabilize commodity prices in the relevant sectors and regions in accordance with the discussions.

The Union Committee for Stability of Commodity Price was formed on August 18, 2023 and is responsible for stabilizing the prices of basic food products such as rice, cooking oil, meat, fish, eggs and kitchenware, balancing domestic demand and production, ensuring the correct flow of goods, and supervising issues that may disrupt commodity price stability in accordance with the law.