UAE Ministry of Economy approves new policy to monitor basic food prices

More than 40 retailers and co-operative societies - and 300 items - are being regularly checked

The UAE’s Ministry of Economy has approved a new policy to keep a check on the prices of basic consumer goods such as eggs, bread, flour and salt.

The authorities said they were continuously monitoring 300 frequently bought basic food items and other products that people use daily.

These include seafood, meat, poultry, bread, grains, dairy, cheese, eggs, oils, vegetables and fruit, water, juice and cleaning materials.

More than 40 outlets and co-operative societies in the country are being regularly monitored to keep the prices of these goods in check.

In a statement, authorities said they assess the effects of global developments on the prices of the items on the list and cost fluctuations in their countries of origin.

Under the new policy, these basic consumer goods have been divided into two categories.

In the first, a supplier can increase the price of a product if the import cost rises but only after approval.

The supplier will have to apply for approval through the Ministry of Economy's website.

They must submit all evidence and data related to the increase in costs and their direct causes so that the ministry can decide if it warrants approval and the percentage of price rise.

This category includes products such as fresh and dry milk, fresh chicken and eggs, bread, flour, sugar, salt, rice and legumes, cooking oil and mineral water.

In the second category, goods are subject to supply and demand variations.

The goods include biscuits, chocolate, confectionery, some cheese products, frozen food, juice and ice cream, tea, coffee, cocoa and related products, wheat, oats, crisps, household cleaning materials and tools.

Updated: April 14, 2022, 4:49 AM
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