The UAE Ministry of Economy has banned retailers and suppliers from price hike of nine essential consumer goods. These items include cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat. The new pricing policy will take effect on January 2, 2025.
Rules for Price Hike
Under the new rules, a minimum of six months must pass between consecutive price increases for these basic goods. Retailers violating these guidelines will face strict monitoring and enforcement measures by the Ministry. This ensures compliance and safeguards consumer rights effectively.
The policy grants the Ministry supervisory authority to enforce compliance while empowering consumers to report violators. These measures aim to stabilize prices, protect consumers, and maintain market balance for essential goods across all UAE emirates. By implementing these changes, the Ministry seeks to create a more stable and transparent marketplace.
Key Ministerial Decrees
To further strengthen this framework, the Ministry introduced three ministerial decrees. These include ensuring price stability, mandating retail stores to display unit prices for transparency, and outlining supplier-retailer relationship guidelines. This approach promotes fair practices and improves clarity in the marketplace.
Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, emphasized that these policies align with the UAE’s ‘We the UAE 2031’ vision. This vision focuses on enhancing living standards, strengthening consumer protection, and supporting economic growth. By doing so, the UAE also bolsters the national economy’s competitiveness.
Al Saleh explained that the new decrees build on prior legislative efforts, including Federal Decree-Law No. (5) of 2023, which amends the Consumer Protection Law, and Cabinet Resolution No. (120) of 2022 regulating consumer goods pricing. He stressed that the Ministry’s proactive measures prioritize consumer protection and fair market practices.
The Ministry’s initiatives reflect a commitment to safeguarding consumer interests while ensuring market stability. Ultimately, this comprehensive approach supports the UAE’s broader goals of fostering economic growth and improving citizens’ quality of life.
