“Economy” approves the new pricing mechanism for basic consumer goods

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The Ministry of Economy clarified that based on extensive supervisory efforts and close monitoring of market movement, it has adopted a new policy regarding the pricing mechanism for basic consumer goods, through which these goods are divided into two main groups: the first is subject to the condition of prior approval in case the supplier wants to increase its price as a result of high import costs, applying for price increase through the electronic system designated for this service on the website of the Ministry of Economy. , and providing all evidence and data regarding the increase in costs and their direct causes, so that the Ministry can study the request comprehensively and make a full review of the justifications and then decide on demand, with a percentage of the proposed increase. , if approved, includes more than 11,000 goods covering most products, in particular: fresh and dry milk, fresh chicken, eggs, bread, flour, sugar, salt, rice and legumes, cooking oil, mineral water and others.

Regarding the second group of goods and products, the ministry said that they are exempt from the condition of prior approval, and are subject to the equation of supply and demand, explaining that these goods are selected based on their abundance, competition and high prices. and the presence of a variety of suppliers of these goods to ensure the existence of alternatives.This group includes a limited category of goods, more pronounced: biscuits, chocolate, cakes of all kinds, some cheese products, frozen food products, juices and ice. cream, tea, coffee, cocoa and its products, and chips Wheat, oats, potato products and materials and household cleaning products of all kinds.

more flexible market

The Ministry stressed that this new pricing policy aims to provide greater flexibility in the market, increase confidence in the retail sector in the country, provide a healthy consumer environment and stimulate a culture of awareness among consumers, and achieve added value for in-country purchases, thus enhancing the UAE’s position as an attractive destination for business and investment in the country.Retail Sector.

The Ministry confirmed that it conducts periodic monitoring operations for 300 of the basic goods that are most consumed and most in demand by consumers and best sellers in markets across the UAE, in partnership with economic departments and a number of regulators. authorities at the local and federal level, through a weekly follow-up of interested work teams in these Entities with more than 40 points of sale and cooperative companies in all state markets to monitor the prices of these goods offered to consumers on the shelves.

The Ministry explained that these 300 goods are divided into 11 main groups that cover most of the categories of goods, the most important of which are: fish and seafood, meat and poultry, bread, cereals and their products, dairy, cheese, eggs , oils, vegetables and fruits, water, liquids and cleaning materials, noting that this is an ongoing Type of control process to track the status of these goods and their market prices, as well as the extent to which they influenced by international prices and price increases in countries of origin and to monitor any sharp price changes and to ensure the availability of goods in abundant quantities that meet the needs of consumers in the country and to maintain the required levels of strategic stock of basic goods. .

Constant comparisons

The Ministry of Economy announced that it is constantly comparing the selling prices of these goods with the prices installed in the registered database, as well as comparing them with the prices in neighboring countries, emphasizing that it is working on development. of a common digital base for commodity prices at Gulf level, in order to ensure that prices are compared accurately, flexibly, quickly and consistently. The ministry matches the prices of these goods with the “FAO Global Commodity Price Index”, the best-selling in the world.

Comprehensive effort

The Ministry explained that these comprehensive control and monitoring operations present a clear picture of commodity price movements at regional and global as well as local level, and enable it to develop proactive solutions that ensure the vitality and momentum of state markets and allow it to verify the appropriateness of any case of price increases in the country and related growth rates, if any, and ensure that unjustified price increases are not implemented by suppliers, strengthening mechanisms to cope with monopoly practices, and enabling sound trade practices, in a way that establishes a balanced and fair relationship between supplier and consumer, guarantees the rights of all parties and increases market stability and the continuity of availability of goods and their non-withdrawal or disappearance from selling point.

Ongoing cooperation and supervision

The Ministry praised the fruitful cooperation with government agencies and departments at the local and federal level, emphasizing the importance of partnering with suppliers and points of sale, in order to achieve best consumer practices in accordance with the Law on Consumer Protection in the country, stressed that Price Control is an ongoing process and that any unjustified price increase is a violation of the law and exposes its owner to legal consequences.

right

She also indicated that national efforts are coordinated to implement the provisions of Federal Law no. the most important of which is to provide a suitable and safe environment when buying a good or receiving a service, getting accurate information about the goods he buys, uses or consumes or the service he receives, in addition to education and information his. rights and obligations, as well as ensuring that he exercises his rights to choose the most appropriate product and service of his choice, in addition to protecting the privacy and security of his data and not using them for promotional purposes and marketing.

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