In a bid to maintain consumer awareness at the highest possible level, the Department of Planning and Economy (DPE) in Abu Dhabi has launched a commodity index to monitor price trends of essential commodities.
The commodity prices index is a vital project that would help create a positive and competitive climate for prices in Abu Dhabi emirate. This project is part and parcel of the core responsibility of the Statistics Unit of the Department of Planning and Economy. The project started a few years ago as a bulletin published every six months and annually, featuring prices of consumer items and building materials. However, it has now evolved into a regular index to monitor prices’ trends by way of providing scientific and accurate data.
To be published monthly at the initial stage and weekly later in the dailies, the index will contain commodity prices at major stores in Abu Dhabi. Justifications for any changes in the prices will also be featured in conjunction with consumer protection unit at the Department of Planning.
The sediments of the index were based on findings of a survey on family income and spending which was conducted in 2007 by the Statistics Units. That study identified some 53 items, that food, beverages, and tobacco accounted for 14.91 % of the family spending in Abu Dhabi. The consumption trends showed that the following items were high on the list of family spending.
1- Bread and cereals 2- Beef and poultry product 3- Fish and sea food 4- Milk and dairy products 5- Cooking oil 6- Fruits 7- Vegetables 8- Sugar and honey 9- Tea , coffee and cocoa 10-Peppers and spices 11- Beverages.
The index will be regularly updated and will be available at most of the outlets and stores in Abu Dhabi. This will make access to price information easy for the general public. The next step would be to post this index on the website of the Department of Planning. The information will be available on four sections:- A- Section one will show the list of commodities and their prices as per the outlet.
B- Section two will guide the consumer through the price list as well as indicate the nearest store to their residence.
C- Section three will give consumers access to highest and lowest price of an item at the outlet.
D- Section four will focus on electronic shopping, where viewers can shop through different outlets and then get an idea of the total tally of their shopping items.
The Department of Planning will also design a news bar on its website, showing commodity price trends. Apart from food, beverage, and tobacco, new price sediments will be added in accordance with latest trends.
Prices of essential commodities have generally been stable at main outlets in Abu Dhabi. However, prices of agricultural products have dropped due to promotional prices being offered to consumers. As could be seen from the previous table, prices of red onion rose by 64% while mango fell by 68%.
*It was noted recently that rice prices have gone up due to the following reasons: -Failure of importers to agree at a price with the Ministry of Economy.
-Drop in supply because suppliers are responding to their local demands.
-Crop failure due to natural disasters in producing countries -Use of rice as biofuel which cause high demand.
*It was also noted that fish prices were high due to:- -Weather fluctuation and high temperatures caused fishes to escape to deep waters -High cost of fishing and diesel prices which registered 45% rise during the last couple of years.
-High cost of fishing equipment which forced lots of fishermen to abandon the trade.
In a bid to maintain consumer awareness at the highest possible level, the Department of Planning and Economy in Abu Dhabi has launched a commodity index to monitor price trends of essential commodities.
The commodity prices index is a vital project that would help create a positive and competitive climate for prices in Abu Dhabi emirate. This project is part and parcel of the core responsibility of the Statistics Unit of the Department of Planning and Economy. The project started a few years ago as a bulletin published every six months and annually, featuring prices of consumer items and building materials. However, it has now evolved into a regular index to monitor prices’ trends by way of providing scientific and accurate data.
To be published monthly at the initial stage and weekly later in the dailies, the index will contain commodity prices at major stores in Abu Dhabi. Justifications for any changes in the prices will also be featured in conjunction with consumer protection unit at the Department of Planning.
The sediments of the index were based on findings of a survey on family income and spending which was conducted in 2007 by the Statistics Units. That study identified some 53 items, that food, beverages, and tobacco accounted for 14.91 % of the family spending in Abu Dhabi. The consumption trends showed that the following items were high on the list of family spending.
1- Bread and cereals 2- Beef and poultry product 3- Fish and sea food 4- Milk and dairy products 5- Cooking oil 6- Fruits 7- Vegetables 8- Sugar and honey 9- Tea , coffee and cocoa 10-Peppers and spices 11- Beverages.
The index will be regularly updated and will be available at most of the outlets and stores in Abu Dhabi. This will make access to price information easy for the general public. The next step would be to post this index on the website of the Department of Planning. The information will be available on four sections:- A- Section one will show the list of commodities and their prices as per the outlet.
B- Section two will guide the consumer through the price list as well as indicate the nearest store to their residence.
C- Section three will give consumers access to highest and lowest price of an item at the outlet.
D- Section four will focus on electronic shopping, where viewers can shop through different outlets and then get an idea of the total tally of their shopping items.
The Department of Planning will also design a news bar on its website, showing commodity price trends. Apart from food, beverage, and tobacco, new price sediments will be added in accordance with latest trends.
Prices of essential commodities have generally been stable at main outlets in Abu Dhabi. However, prices of agricultural products have dropped due to promotional prices being offered to consumers. As could be seen from the previous table, prices of red onion rose by 64% while mango fell by 68%.
It was noted recently that rice prices have gone up due to the following reasons: -Failure of importers to agree at a price with the Ministry of Economy.
-Drop in supply because suppliers are responding to their local demands.
-Crop failure due to natural disasters in producing countries -Use of rice as biofuel which cause high demand It was also noted that fish prices were high due to:- -Weather fluctuation and high temperatures caused fishes to escape to deep waters -High cost of fishing and diesel prices which registered 45% rise during the last couple of years.
-High cost of fishing equipment which forced lots of fishermen to abandon the trade.
