In a weekly statement issued on Friday, under the title “We shall realize our goals by overcoming the temporary high cost of living through concerted efforts,” the Ministry said the price hike on consumer goods has resulted in an increasing cost of living, especially in urban areas.

There was a speculation that the continuous economic growth over the last four successive years would increase demand and that the price of goods, in turn, would increase to a certain extent, the Ministry said, however, the exaggerated price hikes are far beyond expectations.

Ministry said that the government recognizes the necessity of considering the seriousness of this challenge and is devising and implementing a mechanism to address it.

However, the Ministry said while the government is taking several measures to stabilize the price of goods, there is evidence that some merchants are engaged in unacceptable and unethical business activities, to escalate the price hike intentionally.

The government will enhance its efforts to permanently resolve the current problem, it said.

Producers, service providers, the business community and the public at large need to work jointly, responsibly and with a sense of ownership towards addressing the challenge, it added.

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