Opinion | Editorials
How to stop the pace of price rises
Perhaps it is time to make major changes in the country's monetary policy.
Prices of basic commodities climbed 12.43 per cent in Abu Dhabi in July within the span of just a month, according to Abu Dhabi's Department of Planning and Economy.
This translates to nearly a 150 per cent increase in a year! The question is: Can this country's growing population live with this type of skyrocketing rise in prices of basic commodities?
The fixed exchange rate of the UAE's currency to the falling US dollar is also adding to this problem. This is happening when the country is getting ready for Ramadan, when prices traditionally go up substantially.
While the government has undertaken certain measures to curb prices and inflation, statistics show that these measures aren't enough. The problems remain. Perhaps it's time to shift to Plan B, which is to make major changes to the country's monetary policy. But is the country ready for it?
More from Editorials
More from Opinions
Opinion Editor's choice
-
Egyptians must reject foreign meddling
By Tariq Ramadan, Special to Gulf News
Presidential election may turn out to be less a new chapter in a democratic future than an old chapter complete with a stage-managed outcome
-
Moderates may gift Egypt to Islamists
By Linda S. Heard, Special to Gulf News
Liberals cannot afford to sit at home or in cafes watching queues lengthen outside polling stations. They must quit complaining and vote with their feet
-
Is Al Maliki serious about democracy and more words?
By Mohammad Akef Jamal, Special to Gulf News
He is pushing towards a military showdown with the Kurds at a time when they are stronger than ever before


