| News | ||
| Saudi Arab introduces consumer price index for steel - 08 Feb, 2010 | ||
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Arab News reported that Saudi Arab’s commerce & industry minister Mr Abdullah Zainal Alireza announced last week that under the patronage of Riyadh Governor Prince Salman, a consumer price index was launched describing it as a measure that would help both consumers and traders. The new index covers essentials like flour, rice, vegetable oil, red meat, poultry, barley, dried milk and commodities like steel and cement. During the launch, Mr Alireza said the idea of a consumer price index was mooted on an initiative made by Prince Salman in 2008 in the Riyadh region. Under the program, everyday prices on consumer items would be monitored electronically from major commercial centers in seven regions in the Kingdom. He said the Commerce Ministry officials would personally visit commercial centers to check prices submitted to the ministry tally with their personal records. He added that "Besides the daily monitoring program, a weekly index will be framed in accordance with data available in supermarkets in 27 provinces and six major regions such as Makkah, Madinah, Riyadh, Tabuk and Asir to find out about the market and prices." (Sourced from Arab News) | ||
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