Carrefour, MoE join hands to curb price increase

ABU DHABI — As part of its bid to reducing inflation rates and stabilising the market, the UAE Ministry of Economy (MoE) yesterday signed a memorandum of understanding (MoU) with Carrefour to fix the prices of 52 food items.

By A Staff Reporter

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Published: Fri 18 Apr 2008, 10:55 AM

Last updated: Sun 5 Apr 2015, 4:50 PM

Under the MoU, Carrefour will fix prices of 52 basic food commodities at the 2007 price levels. The goods include four types of rice, three types of egg, three types of milk, four types of frozen chicken, 10 types of fresh chicken and bread, two types of meat, two types of tomato paste, three types of sugar and salt, two types of vegetable oil, six types of macaroni, two types of beans, two types of tea, two types of water and four types of flour. Also, prices of several basic food commodities will remain the same throughout 2008.

The MoU was signed by Mohammed bin Abdul Aziz Al Shehhi, Undersecretary of MoE and Henri Changeux, Senior Vice President of Carrefour, at the Ministry’s office in Dubai.

Al Shehhi said, “The signing of the MoU with Carrefour is the result of discussions and cooperation between the two parties, and is in line with the continuous efforts by the Ministry to stabilise prices, reduce inflation levels, maintain market balance and protect the consumer. It is also part of a series of initiatives implemented recently by the Ministry that aim to encourage private sector companies and cooperative unions to support the Ministry’s call to fix prices of basic food products and sell them at cost prices.

“This initiative emphasises the social responsibility of the private sector and is in line with the directives of the President His Highness Shaikh Khalifa bin Zayed Al Nahyan and His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai,” added Al Shehhi.

The Ministry is also working to undertake the necessary procedures to support the stability of the wholesale and retail sectors as per the laws and regulations applicable in the UAE. “The ministry will supervise the strict implementation of the government’s policy to protect consumers,” Al Shehhi asserted.

The MoE last week signed a similar MoU with Lulu Hypermarket Group, as the first phase of a programme to fix prices of 32 goods at 2007 levels. The Ministry also signed in March an MoU with the Union Cooperative Society in Dubai to fix prices of 16 basic goods at 2007 levels, and as per specified values and agreement. Other cooperative societies have likewise responded to the Ministry’s call by selling several items at cost prices, in line with the continuous efforts to control price rise and curb inflation. (With inputs from agencies)

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