PM claims market monitoring has helped control price hikes

KATHMANDU: Prime Minister KP Sharma Oli has claimed that the activation of the market monitoring committee has helped control price increases by taking action against those who create artificial shortages.

Addressing questions raised by lawmakers during the House of Representatives meeting on Thursday, Oli stated that the government is committed to curbing inflation and ensuring a stable supply of essential goods.

“Market monitoring has been conducted regularly to ensure smooth and easy supply management of consumables and materials used in the daily lives of the common citizen,” said Prime Minister Oli. “Arrangements have been made for the supply of essential food items in remote areas. The market monitoring committee has been activated to take action against those who create artificial shortages in the market. This has helped in controlling price increases.”

The Prime Minister also informed the House that a consumer court has been established and brought into operation to protect consumer rights and resolve related issues judicially. He emphasized that while the slogan “Control rising prices” remains popular regardless of the inflation trend, it is crucial to adopt comparative studies to understand the real situation.

Presenting data on inflation, Oli said that the average consumer inflation during the first seven months of the current fiscal year was 4.16%, compared to 5.01% in the same period of the previous year.

He attributed the decrease to the government’s cautious and flexible monetary policy, which includes adjustments to the mandatory cash ratio and bank rate to control excess liquidity.

The Prime Minister also highlighted ongoing efforts to reduce customs duty on essential goods and provide tax exemptions to manage inflation. Additionally, he mentioned the continuation of grants and concessional loans to boost agricultural production, stabilize food supply, and manage agricultural imports.

“This will help maintain price stability and increase the production of agricultural products,” said Prime Minister Oli.