Soaring consumer products’ prices: Prime Minister’s explanations

ALGIERS- The Prime Minister, Minister of Finance, Aïmene Benabderrahmane, said, Thursday in Algiers, that the increase in consumer products was "cyclical".

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ALGIERS- The Prime Minister, Minister of Finance, Aïmene Benabderrahmane, said, Thursday in Algiers, that the increase in consumer products was “cyclical”, induced by a range of internal and external factors.

In response to the questions raised by the deputies during their discussion on the government’s action plan, the Prime Minister stressed that the increase in certain consumer products, such as; legumes, is mainly due to the significant increase recorded on world markets, specifying that the world-scale spike is induced by the fallout from the pandemic (Covid-19).

“The novel Coronavirus pandemic has caused increased costs of production and international freight. In addition to the increase in the prices of certain inputs….. This caused a rise in prices on the national market,” explained the minister.

In this context, Mr. Benabderrahmane added that the rise of these products “is cyclical”, encouraged by “the greed and the immoral practices, even illegal of certain unscrupulous sellers”.

“To preserve the purchasing power of citizens, the Government has taken a series of “urgent” measures to ensure a regular supply of these products to the market, resorting to all the regulatory mechanisms with a view to controlling the spike in prices, while ensuring to intensify the control so as to toughen the coercive measures against the offenders and fight against monopoly and all forms of speculation,” highlighted the premier.

On a related note, Mr. Benabderrahmane indicated that the economic recovery is on the right track with a rate of 2.8% recorded in the first quarter, which is expected to exceed 4% by the end of 2021, adding that “this is a positive indicator for employment and price stability ”.

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