Government to monitor 16 additional commodities under Price Monitoring From Aug 1
Aug 01, 2024
New Delhi [India], August 1 : The government has included 16 additional commodities under price monitoring from August 1, 2024, announced the Union Minister of Consumer Affairs, Food, and Public Distribution, Pralhad Joshi, while launching Version 4.0 of the Price Monitoring System (PMS) Mobile App in the national capital on Thursday.
As part of the PMS, the Department of Consumer Affairs has been monitoring the daily prices of 22 commodities. With the inclusion of the additional commodities, the prices of a total of 38 commodities will now be monitored.
The Department has been monitoring daily prices from 550 centres across 34 states and union territories. The price data monitored by the Department provides advance inputs for policy decisions for the Government, the RBI, and analysts regarding CPI inflation.
This data also helps policymakers understand and assess price trends and implement measures to control the prices of essential commodities. The increase in commodity coverage is expected to play a crucial role in policy interventions to stabilize price volatility and overall inflation.
The 38 commodities constitute close to 31 per cent of the total CPI weights, compared to the 26.5 per cent of CPI weights captured by the 22 commodities previously monitored. The newly added 16 items are Bajra, Jowar, Ragi, Suji (wheat), Maida (wheat), Besan, Ghee, Butter, Brinjal, Egg, Black Pepper, Coriander, Cumin seed, Red chillies, Turmeric powder, and Banana, according to a release from the Ministry of Consumer Affairs, Food, and Public Distribution.
In recent months, the government has taken several measures to contain food price inflation. These measures include providing Bharat Chana Dal at Rs. 60 per kg, Bharat Atta at Rs. 27.50 per kg, and Bharat Rice at Rs. 29 per kg to retail consumers, as per the release.
The National Co-operative Consumers' Federation of India (NCCF) has started the retail sale of tomatoes to consumers at Rs. 60 per kg from July 29, 2024, the release added.
The government is actively working to prevent hoarding. The ministry noted in the release that stock limits have been imposed on Tur and Desi Chana from June 21, 2024, to September 30, 2024. The import of pulses, including Tur, Urad, Masur, Yellow Peas, and Desi Chana, at zero duty has been allowed to augment the domestic supply. A buffer stock of 5 lakh metric tons (LMT) is being built for release during the lean months to ensure availability and affordability, as per the Ministry of Consumer Affairs, Food, and Public Distribution.
