Photo for illustrative purposes only. ARCHIVE

The UAE Cabinet authorized a new consumer pricing strategy where retailers can't hike costs on nine essential commodities without the Ministry of Economy's approval. The ministry will guarantee stores price necessities according to policy. Oils, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat are included. The UAE government said more basic consumer commodities may be included "according to price developments." The new policy focuses on fair processes and effective procedures to regulate suppliers, outlets, and customers. The Ministry of Economy announced a program to limit food price spikes this year. According to the policy, suppliers must justify price hikes for fresh and dried milk, fresh poultry and eggs, bread, flour, sugar, salt, rice, legumes, cooking oil, mineral water, and others. Suppliers who seek to raise prices owing to high import costs must provide evidence and data. BKM/ Expat Media
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