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UAE Residents May Notice A Price Hike Of Basic Consumer Goods As A New Policy Has Been Announced
The UAE’s Ministry of Economy (MoE) has approved a new policy that allows suppliers to revise the pricing of basic consumer goods like milk, poultry, sugar, salt, rice and others.
Under the scheme, goods will be divided into 2 main groups with one needing prior approval and the other based on supply and demand.
The Ministry of Economy’s new policy means that some basic goods may see a hike in prices
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The ministry explained that for the first category, the suppliers will have to submit evidence and date to prove the rise in import costs and hence get the approval to hike in the price of the products. It will cover more than 11,000 commodities like fresh and long-lasting milk, fresh poultry, eggs, bread, flour, sugar, salt, legumes, rice, cooking oil, mineral water and more. Supplies are required to apply for the approval via the Ministry of Economy website, through a system that is specifically designated for this service.
The second category will be based purely on supply and demand of the basic goods
As for the second category of goods, supplies will not need to gain prior approval to hike the prices of specific products as they are subject to supply and demand variations. The products are chosen based on “their abundance, high price competitiveness and number of suppliers”. It includes a limited category of goods like biscuits, chocolates, confectionaries of all kinds, some cheese products, frozen food products, juices and ice cream, tea, coffee, cocoa and its products, wheat, oats, potato chips, and household cleaning materials and tools”.
The ministry also stressed that any unjustified price hike will be met with legal implications. 300 of the most sought-after basic commodities in the market and 40 outlets and cooperative societies will continue to be monitored. These will include 11 main categories like fish and seafood, meat and poultry, bread, grains and related products, dairy, eggs, oils, vegetables and fruits, water, juices and cleaning materials.
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