Production and consumption imbalance causes price hikes, says President

The current price hikes of basic foodstuffs are a major challenge for the daily lives of the people, and they are caused by the imbalance between production and consumption, as well as rising production costs, said Head of State Senior General Min Aung Hlaing. He made these remarks in his opening speech at the National-Level Workshop on "From Agricultural Sector Development to National Product Increase" held on September 21 at the Myanmar International Convention Centre (1) in Nay Pyi Taw. He also stated that price hikes are also due to increased transportation and other expenses. To overcome these situations, it is necessary to significantly increase agricultural production, ensure sufficient domestic food supply, and reduce prices to a level that the public can afford, he said. For example, he said that the production of eggs, meat, and fish is insufficient for consumption. He stated that the main issue observed in the current domestic situation is the price hike, and it is necessary to accurately analyze the reasons for the price hikes. He also said that the reasons for the rising production costs include increased production costs, increased transportation costs, increased labor costs, rising prices of basic raw materials, and other general expenses. Therefore, to control price hikes, it is necessary to balance production and consumption, and only when production and consumption are balanced can market demand and supply be better met, said Head of State Senior General Min Aung Hlaing.