Cooking oil, eggs, dairy, rice, sugar, chicken, legumes, bread, and wheat are among the nine fundamental consumer commodities the UAE’s Ministry of Economy forbade merchants and suppliers from raising their prices on Tuesday. On January 2, 2025, the new pricing policy is expected to go into force.
The Ministry of Economy declared that two consecutive price hikes for necessities must be separated by at least six months.
The decrees prohibit retailers from raising the cost of these nine essential consumer commodities without obtaining Ministry of Economy clearance. Along with offering customers the ability to report infractions, the ministerial decrees also give the ministry supervisory authority to ensure everyone abides by the rulings.
To protect consumers and maintain price stability, the recently announced ministerial decrees centre on the unit price of specific consumer goods, the requirement that retail establishments display unit prices to encourage transparency, and the guidelines for the conduct of the consumer goods sector, which regulate the contractual relationship between suppliers and retailers in the marketplace.
The details of the recently implemented pricing strategy, which was first implemented to keep an eye on the costs of necessities, were presented during a press briefing by the Ministry of Economy on Tuesday.
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