Prices of 400 commodities to be freezed in UAE

In order to curb down inflation and make it easy for the less privileged residents, the Ministry of Economy in the UAE is launching a campaign to fix prices of 400 major commodities at 70 outlets across the country.

The campaign will start on June 1 and will continue till the end of this year.

Outlets joining the ministry’s initiative include Carrefour, Cooperative Societies, Lulu Hypermarket and Spinney that together account for 75 per cent of the market share of retail outlets in the country.

Some of the retailers have agreed to lower prices to the same level as the wholesale costs, while other will cut prices by up to 50 per cent.

Prices of food staples such as rice, flour, meats, tea, bottled water, dried pasta as well as household goods such as washing liquid will be fixed.

All the retailers have agreed to retain the prices at the same level even if there are vast fluctuations in the cost of raw materials locally and globally.

The process of fixing the prices is divided into three levels, first some outlets committed to fix the price even if there are fluctuations or increases in the market, and the second one is that some outlets are committed to reduce prices of some goods to 50 per cent and to fix it even in the case if prices will increase locally or globally. The third level is that there are some outlets who committed to fix the prices at the purchase cost.