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FINANCIAL NEWS
UAE slashes food prices in March
02 Mar 2011
(MENAFN) The Emeriti director of the Ministry of Economy’s consumer protection department, Hashim al Nuaimi, said that the ministry signed a deal with retailers to cut down the prices of certain food items by up to forty percent, in an attempt to protect consumers, reported the National
Under this agreement, major chains like Lulu and Union Co-operative Society among others agreed on slashing prices of staples such as rice, sugar, cooking oil and bread by between 20 and 40 percent for the whole month of March. The price slashes would include a total of 1,000 different food items.
Even though this is an annual arrangement, it comes much needed this year as prices hiked globally, reaching dangerous levels according to the World Bank.
It is worth noting that previously, lower food and housing costs had helped the country ease inflation to 1.6 percent on an annual basis in January.
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