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This is my article for this week's topic - excise tax The article above relates to the raise in commodity prices in Egypt. My write-up can be viewed here: http://bit.ly/17HFScQ - Bee

This article talks about scarcity of different commodities and the impact this has on their prices.

The following article talks about the riots that have been occurring in Venezuela throughout the past few months. It discusses how protesters are angry at the government for rising unemployment and the scarcity of basic items and other commodities. It talks about how already 25 people have died during the riots, according to the government.

Sinopec profit raises directly link to the relaxation of fuel price controls. Sinopec is a government control company, which controls a great deal of the lucrative oil market. When the government eased the fuel price control, it meant that the price could be increased by the oligopoly. This allowed greater margin of profits, which will benefit Sinopec and the government in terms of taxes. The problem is that when price of fuel which is an essential inelastic commodity increases, the inflation will increase for the average consumer. The consumer will have to pay more his daily consumption, which will affect the prices of the goods and services that he is selling.

This article is about the recent market failure indication in my country, citizens waiting for hours in the sun just to buy basic commodities like oil and sugar. this is due to business trying to over profit from these markets. the government tried to put price ceilings on these products however it lead to artificial shortages of the products in the market.