SCAD: food prices up in 2nd Ramadan week

Statistics Centre - Abu Dhabi on Saturday issued its second weekly report on food prices in the month of Ramadan. This issue of the report monitors changes in food prices during the second week of Ramadan compared with prices 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 0.5% week over week in the prices of food commodities during the second week of the month of Ramadan, reflecting rises in the prices of meat by 5.2 percent, sugar, jams, chocolate, honey and sweets by 2.2 percent and "coffee, tea and cocoa" by 1.5 percent, while the price of the "fish and seafood" group and vegetables retreated by 3 percent and 1.3 respectively. – Emirates News Agency, WAM