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Statistics Centre - Abu Dhabi issued its first weekly report on food prices in the month of Ramadan. This issue of the report monitors changes in food prices during the first week of Ramadan compared with prices levels in the previous week and the month of June 2012.
SCAD explained that the sales outlets that served as sources of price movements are closed sources adopting fixed prices. Should the open market be accounted for as well, prices would no longer be fixed price. Instead the price of the goods supplied to the latter market are in fact wholesale prices and as such do not reflect the prices collected from closed markets as the consumer price index need to be based on the retail price per Kilogram.
SCAD’s report indicates an increase of 2.6% week over week in the prices of food commodities during the first week of the month of Ramadan, reflecting rises in the prices of fish and seafood by 8.8%, vegetables by 6.7% and fruits by 4.2%, while the price of the "milk, cheese and eggs" group retreated by 0.6%.
The report also reveals a slight increase in food prices during the first week of the month of Ramadan compared to June 2012. Although the overall change is a tiny (0.1%) increase, the prices of some groups declined, while those of other groups grew significantly over the same comparison period. These include the prices of vegetables, which advanced 5.3%, "coffee, tea and cocoa" (up 5.6%) "fish and seafood" (up 8.7%) and fruits (up 3.8%).
The key groups that showed decreases in prices over the first week of Ramadan compared with June prices include meat, which dropped 6.1% and the "milk, cheese and eggs" group which retreated 0.6%.
The Centre added that the methodology of the new daily food price index has already been approved; pointing out that it is consistent with relevant international recommendations and standards. The index is has been compiled on the basis of a basket, consisting of 308 food items that make up the "food and non-alcoholic beverages" expenditure sub-group. The basket goods fall into two main groups and 11 sub-groups. However, daily monitoring will cover of the most important 199 commodities only. The report will indicate the relative weight of each individual commodity.
SCAD indicated that it has a plan in place to monitor the prices of food commodities on a daily basis during the months of July and August 2012, a task to be performed by a team of expert statisticians. A daily index for the prices of food commodities has been compiled for this purpose. Weekly reports will give week-over-week as well as yearly comparisons with the corresponding week in the previous year. Weekly figures will also be compared with those of June in addition to a set of other weekly comparisons that reflect the impact of Ramadan on food prices.
Price data are collected from sources selected on the basis of field visits paid by a team from the Field Operations Section, in collaboration with the Prices and Income Stats Section. Sources were selected with care being taken to ensure that they are representative of a broad segment of consumers in the city of Abu Dhabi during the month of Ramadan.
SCAD emphasized the importance of the consumer prices index (CPI) in the promotion of statistical awareness about consumption among the public, especially in the holy month of Ramadan and other periods where the index can reflect the movement of prices and rates of inflation, thus helping better planned spending. In addition, the index offers a baseline for government authorities concerned to monitor prices, ensure that there is sufficient supply of various goods, exercise consumer protection, learn about consumption patterns during the holy month thereby obtaining inputs for future planning in this regard.
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