UAE sets 6-month gap between basic goods price hikes

Control Pricing for Common Goods

Retailers will now need previous consent from the Ministry of Economy to increase prices on nine basic products: cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat. This rule is a component of a more general pricing strategy used to control the cost of basic goods.

Established by three ministerial decrees, the regulatory framework calls for compliance from local authorities, suppliers, stores, online retailers, and customers. The Ministry has been given supervisory power to guarantee following of the new guidelines. The regulations also include various cleaning supplies and associated goods, which likewise need ministry permission for price increases. Other market goods will stay within the rules of supply and demand.

The main objective of the policy is to protect basic items from price fluctuations brought forth by outside events or market disturbances. The government seeks to safeguard the interests of suppliers, stores, and customers both by restricting monopolistic behaviors and guaranteeing market stability, This control creates a competitive environment that helps to preserve product quality and support market fairness.

Ministerial Decision No. 245 of 2024, which orders the display of unit prices for consumer items, is one of the main elements of the new policy, Retailers must precisely mark product pricing using accepted measuring standards, This shift will let consumers more wisely examine alternatives and make educated buying decisions. Empowerment of the Ministry and other competent authorities allows them to track compliance, therefore guaranteeing responsibility and openness among stores and internet merchants.

Consumers' rights in the market are further reinforced by their ability to object against rule infractions of the unit price guidelines. The choice emphasizes the need of encouraging openness not only in the actual cost per unit but also in the promotional pricing so that consumers have a better knowledge of their expenditure.

A Code of Conduct to control the contractual ties between suppliers and stores is introduced in Ministerial Decision No. 247 of 2024. Grounded in ethical values meant to promote honesty and openness in the consumer products market, this code Although it provides direction for settling conflicts, it is not the only way that parties can work through differences, The code guarantees fair procedures all across the supply chain by trying to preserve a balanced relationship among suppliers, stores, and customers.

Protecting Consumers and the Market

Undersecretary of the Ministry of Economy Abdullah Ahmed Al Saleh underlined the need of these policies in preserving price stability and stopping unjustifiable price hikes, The policy guarantees the long-term viability of the local market by shielding it from unexpected economic fluctuations or monopolistic inclinations, therefore supporting consumers as well as ensuring their sustainability.

Through tackling important issues such lack of transparency and price volatility, the new policy enhances UAE's dedication to consumer welfare. It also improves the competitive scene by balancing the needs of suppliers, stores, and online retailers against each other and so preserving community welfare.