The UAE is taking steps to ensure retailers do not implement unjustifiable price hikes on nine essential consumer goods during Ramadan. Minister of Economy, Abdulla bin Touq Al Marri, toured major outlets like Union Coop and Lulu to monitor compliance with the new pricing policy.
Monitoring Essential Goods
Al Marri focused on verifying the clear display of prices for nine basic consumer items: cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat. This aligns with the Ministry of Economy’s December announcement that retailers cannot increase prices on these items without prior approval.
Key Policy Measures
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Price Freeze: Retailers cannot raise prices on the nine essential items without approval.
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Minimum Timeframe: A minimum of six months must pass between any two consecutive price increases for basic commodities starting in .
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Price Transparency: Retailers are required to display commodity prices clearly.
Consumer Spending During Ramadan
Consumer spending typically increases during Ramadan as residents host gatherings. Retailers often see a double-digit increase in sales of basic consumer items.
Partnership for Price Stability
Al Marri emphasized the importance of collaboration between the Ministry, economic development departments, and government agencies to prevent price manipulation. Consumers are encouraged to report any unfair commercial practices to the Ministry.
