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DPE to issue price indices of 540 goods and services

ABU DHABI — There has been no let-up in the price of construction materials, as prices of steel rose by 32.8 per cent during the month of April 2008, comparing with the prices during first quarter of 2008.

The Department of Planning and Economy (DPE) Abu Dhabi in a survey found that prices of construction material continued soaring during the first quarter and the same alarming trend prevailed in the month of April this year. The prices of iron and steel of a Turkish brand jumped to Dh4450 per metric tonnes during April up against Dh3350 during the first quarter.

The trend was witnessed in the prices of Korean brand of steel which rose to Dh4650 per metric tonnes in April from Dh3633 per metric tonnes. The prices of cement, sand and other articles also showed a rising trends during the same period. The Department of Planning and Economy (DPE) Abu Dhabi will issue monthly and yearly price indices of 540 goods and services, including price trends of 145 construction materials.

The aim is to analyse price trends in the marketplace and take corrective measures. Several government departments, decision-makers as well as private companies will benefit from the regular price bulletins which will help take informed decision.

"Price cap is an economic index critical in planning and research in all fields. The DPE has always been very keen to provide a precise and extensive price database for a larger segment of economists and decision makers, said Batti Al Qubaisi, Executive Director of Planning and Statistics Affairs.

He said that efforts will be made in collecting quality, accurate data and a team has been given intensive training.

Abu Bakr Al Amudi, director of the statistical section said that some 13 sources have been recently approved for gathering prices of construction materials, during the field visits conducted by a group of price and standardisation unit.

Counter-checking of prices is also a very important, as the data collected will be verified before being tabulated, to remove any doubts of data being unreliable. The statistical section has issued a bulletin of construction materials prices in the first quarter of the year.