CNI News

4 August 2023

With the purpose of making the people's livelihood convenient, the State Administration Council has formed the Union Steering Committee to stabilize commodity prices on 27 July, 2023 reportedly. 

There are still questions if the committee can really stabilize the commodity prices and the committee should make the public know its performances and actions, said U Thiha Paing, founder of the Via Logistics to CNI News.

"To complain is our responsibility. The action part is their business (authorities' business). They have formed the price stabilization committee. When will they take action? They have taken action against whom. If they clearly let the public know, the public will accept." he said.

The union committee for commodity price stabilization is led by U Aung Naing Oo, Union Minister for Commerce and it is made up of 19 members including one from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

The committee contains only departmental officials and economists are not included in the committee. So, the people would not know the factors making commodity prices higher. So, it is necessary to add the experts close to the public to the committee. Moreover, members of the committee should make a field study in the market, said U Thet Zaw, an economic analyst to CNI News.

A shop row in a street market in Yangon (photo-CNI)

" We have to watch how much they can perform. Most of the members are from departmental officials and a person from UMFCCI is included in the committee. Academics are not included in the committee. Palm oil sold at 4,295 kyats a viss is paid 10,000 kyats in the retail market. We have to watch first how they will tackle the problem. They have to ask the lower class about the effects. They have to arrest the culprits. Can they do these things. If they try to stabilize the commodity price without going out of the office, the prices will never fall. We have to watch how much they can investigate the situation of the lower class. If they want to get the right information, they have to make a field study themselves. Only if they disguise themselves and study, they will know everything that is happening at the bottom." he said.

The committee would give priority to stabilize basic food prices and organizations would be assigned to make necessary coordination in order to stabilize regional commodity prices. 

Co-ordinations will be made to reduce high cost for transportation of the goods to consuming regions from producing ones and to reduce multiple steps in transit of the goods and to abstain from unnecessary controls on the way, said in the statement that has described 10 things to be performed.

However, it is important to free from corruption between the members of the committee and business people so that effective actions can be taken, said businessmen and economic analysts.