Proposed regime for reporting market prices
Proposed regime for reporting market prices
The Ministry of Finance (MoF) has drafted a circular on rules and methods of collecting information and reporting market prices of some domestic goods and services.
The move aims to facilitate the synthesis, analysis and projection of commodities prices by central and local agencies, in order to standardise information and gain a better picture of the national inflation situation.
The list of commodities and services subjected to the newly-recommended market price reporting regime includes essential commodities that can represent groups of goods and services relating to food, construction materials, medicines and medical services, transportation, education, entertainment and tourism.
The draft recommends that the Departments of Finance of centrally-run cities and provinces nationwide send monthly, quarterly and annual reports on market prices of commodities in their localities to the MoF’s Price Management Department.
Reports will include information on the evolution of the consumer price index (CPI) calculated within each locality, together with analysis on the status and the causes of the factors affecting CPI.
The reports also evaluate the efficiency of local management and administration of prices, including the price management of some important and essential goods in the locality and the promulgation of legal documents related to commodities’ market prices.
In addition, the reports will also forecast the CPI and the market price situation in the next period.
In case of abnormal fluctuations in prices, the provincial and municipal Department of Finance have to make irregular reports on price fluctuations of some essential goods and services in the locality.
The commodities included in the price report include rice, pork, beef, chicken, fish, shrimp and seasonal vegetables (for food), cement, construction steel, sand, bricks (for construction materials), car fare, bus fare, taxi fare (for transportation services), tuition fees of public kindergartens, public school fees and university fees (for education).
The Ministry of Finance is gathering public comments on this draft by posting the draft in the Ministry’s e-Portal.
