FINANCIAL NEWS

UAE to check retailers prices during Ramadan

26 Jun 2011

(MENAFN) A Department of Economic Development (DED) official said that officials plan to make 15 inspections of most retailers during Ramadan to make sure that they are not increasing food prices, Gulf News reported.

Retailers who raise prices for basic commodities could be fined up to USD5,446.

The Ministry of Economy (MOE) fixed food prices from Ramadan until 2012 as increased demand during Ramadan generally causes food prices to increase and venders to run out of some goods.

Some retailers are complaining profits are decreasing as purchasing prices increase and selling prices are fixed. Some retailers have asked the DED and Ministry of Economy for permission to raise prices, but the decision is up to the Supreme Council for Consumer Protection.

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