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Tue 26 Jan 2010 08:13 AM

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Riyadh to launch consumer price index on basic items

If successful the index on basic food items and commodities will be expanded across Saudi.

Riyadh to launch consumer price index on basic items
PRICE INDEX: Saudi authorities in Riyadh are launching a consumer price index on basic foods and commodities on Tues. (Getty Images)

Saudi Arabia will introduce a consumer price index on basic food items and a number of commodities in the capital city on Tuesday, it has been reported.

The index will cover essentials, like flour, rice, vegetable oil, red meat, poultry, barley, dried milk and commodities like iron and cement, the Saudi Gazette reports.

The full list with prices, compiled by the Ministry of Commerce and Industry, will be launched on the ministry’s website.

If successful in Riyadh the initiative will be expanded to other cities across Saudi, the paper said.

Prince Salman Bin Abdul Aziz, Emir of Riyadh, will officially launch the index, which will “provide consumers with some certainty on the prices of essential items. It is also expected to help prevent massive price increases by unscrupulous businesses,” the paper said.

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