UAE's largest emirate launches commodities price index

The government of Abu Dhabi, the largest emirate of the oil-rich United Arab Emirates (UAE), has launched an index to monitor price trends of essential commodities as part of efforts to enhance consumer awareness, local newspaper Gulf News reported on Sunday.
The index launched by the Abu Dhabi Department of Planning and Economy (DPE) will be a regular index to monitor prices trends by way of providing scientific and accurate data, the report said.
The index has been constructed on data collected through a survey of family income and spending conducted in 2007. The study identified some 53 key items in the family consumption basket with food, beverages and tobacco accounting for a major share in the family spending in Abu Dhabi.
"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," DPE said in a statement.
The index 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," DPE said.
DPE's price information will include four sections. The first section will show the list of commodities and their prices as per the outlet. The second section will guide the consumer through the price list as well as indicate the nearest store to their residence.
The third section will give consumers access to highest and lowest price of an item at the outlet and the fourth section 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.
Source:Xinhua