How UAE is fighting price rises, inflation

The UAE is doing all it can to limit the impact of global price rises and inflation, the country’s Minister of Economy has said. Abdullah bin Touq Al Marri said commodity price hikes are a global challenge and that the ministry has “well-studied policies and plans” to contain any unjustified increases in the country's markets.

He said the ministry is handling the issue by “trying to achieve a balance between the consumer’s interest in obtaining goods at reasonable prices on the one hand, and ensuring the sustainability of supplies” on the other. Maintaining supplies is a “national priority” that serves the country’s food security policies, he said in an interview to state news agency Wam.

The ministry is working with local economic departments and chambers of commerce, as well as relevant partners from the private sector, to study the global price rises of commodities. They then work together to “limit the impact of any global price increases in those commodities on the final products sold in the country's markets”.

“Strengthening the UAE’s consumer protection system and drafting relevant policies are national priorities, and we are working through the ministry and the Supreme Committee for Consumer Protection to implement them. (This will help) ensure sound commercial practices in local markets, maintain the availability and diversity of basic commodities in quantities that meet the needs of citizens and residents of the country and increase strategic stocks,” the minister told Wam.

Earlier this year, the ministry approved a new policy to keep price hikes of basic food items in check. Suppliers will have to submit evidence to justify price increases of some of the most sought-after items such fresh and dry milk, fresh chicken and eggs, bread, flour, sugar, salt, rice and legumes, cooking oil, mineral water and others.

Food prices in the UAE and worldwide have been on the rise mainly due to high freight rates, oil prices and the ongoing Russia-Ukraine military conflict.

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