Dubai: The Ministry of Economy (MoE) in the UAE announced new policy for suppliers to hike prices of basic food items. The new policy will provide pricing mechanism for basic consumer goods in the country. Under the policy, suppliers will have to submit evidence to justify price increases of some of the most sought-after items such as milk, chicken, sugar, salt, rice and others.
All goods are divided into two main groups under the new law. The first group includes more than 11,000 commodities including fresh and dry milk, fresh chicken and eggs, bread, flour, sugar, salt, rice and legumes, cooking oil, mineral water and others. Suppliers must have prior approval to increase the price of these items. They must submit all evidence and data related to the increase in costs and their direct causes.
Also Read: Trade deficit of India touches $ 18.51 billion
The second group includes 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 of all kinds. To hike the price of these items suppliers do not need a prior approval.
The Ministry of Economy on Wednesday said it is regularly monitoring the prices of 300 most sought-after basic commodities across more than 40 outlets in the country to keep the prices in check. The most sought-after items belong to 11 main categories including fish and seafood, meat and poultry, bread, grains and their products, dairy, cheese, eggs, oils, vegetables and fruits, water, juices, and cleaning materials.
Post Your Comments