The government is set to introduce a new "Essential Commodity Price Index" within the next 48 hours, marking a further step in its efforts to regulate the cost of staple food items consumed nationwide. The announcement was made by Mohamed Saeed, Minister of Economic Development and Trade, during an interview on PSM News' 'Raajje Miadhu' programme.
Minister Saeed described the index as integral to the administration's strategy for ensuring affordability and availability of essential food supplies. He pointed to the government's effective price management during the past two Ramadan months, attributing the sustained stability to timely and preventative measures implemented since assuming office.
The index, to be developed and overseen by the National Bureau of Statistics (NBS), will monitor monthly price trends across a curated list of 162 baseline commodities. "Specifically, these include 111 items commonly consumed by households for food and drink, 39 varieties of fruits and vegetables, 10 categories encompassing fish or fish products, and two types of energy-related commodities," the minister stated.
A central component of the index is the identification of 35 "critical items", commodities considered non-substitutable due to the lack of viable alternatives. Minister Saeed noted that these items will be subject to heightened scrutiny, allowing authorities to apply more targeted regulatory interventions where necessary.
Prices will be tracked daily across retail outlets, with the data informing end-of-month assessments. The minister stated that the index is intended to serve as a foundation for evidence-based policymaking, adding that further initiatives to reinforce price controls are currently under consideration.