Strike a balance: Ensuring fair commodity prices for businesses and consumers

Maintaining stable commodity prices, especially for essential items like basic foodstuffs, is crucial for people’s convenience in their daily lives. Recognizing this, the government has established committees to regulate commodity prices, focusing on essential items.
Committee officials have decided to grant businesspersons licences to distribute palm oil to designated places or domestic markets. This includes overseeing the full import volume of palm oil and ensuring compliance with procedures by rice exporters. The Union Commodity Price Stability Committee collaborates with key organizations such as the Union of Myanmar Federation of Chambers of Commerce and Industry-UMFCCI, the Myanmar Rice Federation, the Myanmar Oil Dealers Association, the Myanmar Oil Millers Association, and the Mandalay Region Chambers of Commerce and Industry to set prices for the purchase of monsoon paddy in 2023 and prepare for the enactment of the rice and paddy law.
The committee’s current priority is to ensure stability in the prices of rice, cooking oil, and kitchen crops used in families’ daily routines. As such, strenuous efforts are being made to alleviate the burden of high commodity prices on families and society’s basic needs.
In addition to the Union Commodity Price Stability Committee, regional governments and relevant departments must collaborate to boost production in the agriculture and livestock sectors, which are pivotal in manufacturing basic foodstuffs. Support is also provided to encourage manageable-scale agriculture and livestock farms.

Scrutinizing the root causes of rising commodity prices, particularly rice and cooking oils, is essential for systematically supervising all commodity price measures. Only when these committees and relevant departments take effective measures to stabilize commodity prices can people’s daily lives become more convenient.

Scrutinizing the root causes of rising commodity prices, particularly rice and cooking oils, is essential for systematically supervising all commodity price measures. Only when these committees and relevant departments take effective measures to stabilize commodity prices can people’s daily lives become more convenient.
Officials must monitor public sentiment regarding commodity prices to stay informed about the current situation. Mandated officials should be empowered to combat aggressive business practices driven by selfish motives. Sharpening the decisions and actions of these officials will contribute to ensuring that society benefits from reduced commodity prices.
Manufacturers play a crucial role in this endeavour by selling their products at fair prices. Practically, they should analyze the impact of commodity prices on people’s daily lives and balance the need for their profits. Based on compassion, they have to try hard to achieve this balance which will lead to improve the daily lives of the people and a more equitable marketplace.

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