Dubai: The Ministry of Economy in the UAE has banned retailers from increasing prices of 9 basic commodities. The authority announced a minimum time period of six months between two consecutive increases in prices of basic commodities from next year.
The retailers in the country cannot increase prices of nine basic consumer goods without prior approval. The items includes cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread and wheat. The new changes will be effective January 2, 2025. The decision was taken in order to protect consumers and enhance competition.
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This is part of a new pricing policy for basic consumer goods and regulatory decisions which fall under three new ministerial decrees. The pricing policy was earlier introduced to monitor the prices of essential consumer goods.
Under the new policy, retail stores are required to display unit prices to promote transparency. In addition to these nine basic consumer goods, these goods also include some related items, along with prices for cleaning products, which can only be raised with prior approval from the Ministry. However, the remaining products in the country’s markets are subject to rules regarding supply and demand, and other market mechanisms.
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