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Cambodia: Measures to keep food price rises under control: Ministry
Prices of common food are being monitored closely to prevent price rise and avoid pressure on the consumer in the country, the Ministry of Commerce has said.
The move comes in the wake of inflation rising globally due to the impact of oil prices.
Pen Sovicheat, the ministry’s spokesman said, that prices of more than 50 items in the market, especially related to daily consumption such as pork, fish, chicken, eggs, duck eggs, vegetables and rice are monitored to ensure that prices do not rise too high.
He said that if the cost of food, especially rice, surges, the Ministry of Commerce, through Green Trade, will intervene to release rice from its stockpile to the market immediately to keep prices stable.
He acknowledged that the current level of inflation in food prices in Cambodia has risen sharply, but it is below 10 percent of the risk level.
The price of instant noodles and cooking oil, which are the main food of the people, did not increase because they are manufactured locally. However, the price of imported goods, including fuel, cannot be controlled by the Ministry, as the price fluctuates according to the international market.
The country’s limited price products include packaged noodles, fresh cooking ingredients such as meat and eggs, canned food, rice, cassava, sugar, sauces, cooking oil, milk, electronics, soap powder, pesticides, animal feed, iron, cement, paper, tablets and so on.
According to the National Bank of Cambodia, the country’s inflation rate hit the highest in many years recently due to the impact of rising global energy and food prices, the conflict between Russia and Ukraine and China’s anti-Covid 19 policy.
Chea Serey, director-general of the bank, said that in order to cope with the sharp rise in inflation, a number of measures have been introduced to stabilise the exchange rate in the market, which will give the public confidence in the riel.
She was optimistic that inflation in Cambodia will gradually decline in the coming months as the domestic manufacturing sector grows, especially in the agriculture sector.
The Royal Govern-ment of Cambodia has projected that the economy will grow by more than 5 percent in 2022, while many countries around the world are now facing rising inflation.
Source: https://www.khmertimeskh.com/501101472/measures-to-keep-price-rise-under-control-ministry/