The newly developed Price Monitoring System 4.0 which was launched by Shri Pralhad Venkatesh Josh, Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy Government of India on 01 August 2024, is a mobile apps utilized to monitor the daily prices of essential commodities from 550 centers across 34 states in India.
The Price Monitoring which goes under the Price Monitoring Division of the Department of Consumer Affairs, helps to monitor the retail and wholesale prices, spot and future prices of selected essential commodities daily. The Price Monitoring Division also analyses the price situation and provide advance feedback for policy decision for the Government, Reserve Bank of India and analysts of Consumer Price Index inflation at appropriate time.
Originally there were only 22 essential commodities being monitored under the PMS but with the launch of the PMS 4.0 an additional of 16 essential commodities were added which included Bajra, Jowar, Ragi, Suji (wheat), Maida (wheat), Besan, Ghee, Butter, Brinjal, Egg, Coriander, Cumin seed, Red Chillies, Turmeric Powder, Banana and Black Pepper.
With the increased of essential commodities being monitored by the PMS, the mechanism will play an important role for policy intervention in stabilizing price volatility and control overall inflation which further reflects Government of India’s committed action in addressing availability and affordability issues of the consumers.
Source : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2040121
