KATHMANDU: Prime Minister KP Sharma Oli has asserted that the activation of the market monitoring committee has played a key role in controlling price hikes by taking action against individuals creating artificial shortages.

During a House of Representatives session on Thursday, Oli responded to questions from lawmakers, emphasizing the government’s dedication to reducing inflation and ensuring a steady supply of essential goods.

“Market monitoring has been carried out regularly to ensure the smooth and efficient supply of everyday consumables and materials for the public,” Prime Minister Oli explained. “We have made arrangements to supply essential food items to remote areas. By activating the market monitoring committee, we are addressing those responsible for artificial shortages in the market, which has contributed to controlling price increases.”

The Prime Minister also informed the House that a consumer court has been established to protect consumer rights and handle related matters through judicial means. He noted that although the slogan “Control rising prices” remains a popular demand in the face of inflation, it is important to conduct comparative studies to understand the actual situation.

Presenting inflation data, Oli revealed that the average consumer inflation for the first seven months of the current fiscal year stood at 4.16%, down from 5.01% in the same period last year.

He attributed this decrease to the government’s cautious and adaptable monetary policy, including adjustments to the mandatory cash ratio and bank rate to curb excess liquidity.

The Prime Minister further highlighted ongoing efforts to reduce customs duties on essential goods and offer tax exemptions to manage inflation. He also mentioned the continuation of grants and concessional loans aimed at boosting agricultural production, stabilizing the food supply, and managing agricultural imports.

“This approach will help maintain price stability and enhance agricultural product output,” Prime Minister Oli concluded.