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FINANCIAL NEWS
Dubai sees rise in food prices in Ramadan
24 Jul 2012
(MENAFN) Dubai’s Department of Economic Development (DED) stated that shortly before the start of the holy month of Ramadan, several hypermarkets in the emirate had hiked prices of essential food stuff, reported Emirates 24/7.
The DED’s Commercial Compliance and Consumer Protection (CCCP) Division’s CEO, Omar Bushahab, said that the department had informed the Ministry of Economy about prices violations that varied from 2 percent to 50 percent.
Bushahab added that a number of well-known hypermarkets increased prices of frozen poultry, lamb and veal by between 2 percent to 8 percent, while prices of fish jumped by 12 percent.
On the other hand, a surge of 39 percent was recorded on sugar prices, while fruits and vegetables prices were lifted up by 50 percent.
It is worth noting that the CCCP will execute all potential measures to make sure that consumers in the emirate get all necessary foodstuffs at fair prices, according to Bushahab, who added that the Ministry of Economy will take the suitable action to punish those who raised prices.
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