Al Mansouri urges co-operative societies to help curb inflation

DUBAI -UAE Minister of Economy Sultan bin Saeed Al Mansouri has urged other co-operative groups to follow the Union Co-operative Society in doing direct import of sufficient stocks to help fight inflation.

By A Staff Reporter

Published: Sun 9 Mar 2008, 9:09 AM

Last updated: Sun 5 Apr 2015, 1:18 PM

This developed as he honoured the society’s president, Majed Hamad Al Shamsi, for the group’s effort in helping limit inflationary pressure by brining in significant stocks of essential food items such as rice and eggs.

Al Mansouri stressed in a statement yesterday that a strong co-operative sector would help stabilise prices and prevent a trade cartel. He also noted the government subsidy and custom-free regulations being extended to those offering consumers a viable alternative to meet the rising cost of food items.

“The federal and local authorities along with the co-operative societies share the responsibility of controlling price rise and protecting consumers,” he said. “The private sector can also play an important role in investing further in the food sector and enhancing important channels.”

He added that the Ministry of Economy is considering collaborating with local authorities and municipalities for a more effective regulatory mechanism. “Consumers are also encouraged to report any unfair trade practice or unreasonable price rises,” the statement said.

The statement said that Al Shamsi praised the Ministry of Economy for controlling the monopoly of trade practices and curbing inflation. It added: “He called upon other co-operatives to rise up to the occasion and provide practical and effective alternatives to the consumers.”

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