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FINANCIAL NEWS
UAE cuts prices of several consumer items
20 Jun 2011
(MENAFN) UAE’s Ministry of Economy’s consumer protection division’s director, Hashim Al Nuaimi, said that as part of the ministry’s USD54 million initiative to restrain price hikes in the country, in 2011, several shopping outlets would cut prices of many consumer products, reported Emirates 24/7.
Al Nuaimi added that until the end of this year, more than 700 items wouldn’t be subject to price increases, moreover, the new 157 items added to the list would include Basmati rice, milk powder, meat, frozen chicken, tea, juices and bottled water, olive oil, salt, soap, garbage bags and other products.
He also said that the items in the list would be available at 72 cooperative societies and other supermarkets in 88 shopping outlets covering most parts of the country, on the other hand, key shopping outlets would enforce the price stabilization initiative through the UAE since they would display the “fixed price” logo on all the products included in the price campaign.
It is worth noting that inspectors from the ministry of economy will be deployed through the market to make sure that all outlets fulfill the initiative, which is intended to lift up the financial burden on consumers and control constant market manipulations.
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