iPhone | iPad
Android
Huawei
Muwonge who embraced Islam in 2022 says his many questions about spirituality and God were answered by the religion of peace
KT APPDOWNLOAD
UAE announces temporary increase in prices of eggs, poultry products
Ministry says the step was taken based on a request submitted by a number of companies
File photo
The UAE's Ministry of Economy (MoE) has approved an increase in the prices of eggs and poultry products, clarifying on Saturday that this will be temporary and will be assessed within six months.
The price hike has been capped at 13 per cent, according to a ministerial resolution issued earlier this month.
It was a decision taken based on a request submitted by a number of companies operating in the sector, which said they had incurred losses over the last period due to high production and shipping costs and an increase in prices of imported raw materials like fodder, according to the MoE.
Based on a study that the ministry carried out to verify the companies' demand, it found a 13 to 20-per-cent price hike reasonable, so the results were then submitted to the Supreme Committee for Consumer Protection. At the federal and local levels, the committee recommended the approval of a 13-per-cent maximum increase.
Eggs and chicken products are among the commodities whose prices cannot be increased without prior approval from the ministry.
The ministry indicated that a 13 per cent was a "justifiable rate that is in line with the high prices of these products regionally and globally". It took into account the current rates of raw materials and other requirements for egg and poultry production, such as fodder, fuel, and vaccinations, as well as high international shipping prices, especially from Russian and Ukrainian ports that serve as the main global supplier of grains used in the feed industry.
The temporary price hike was taken as part of efforts to strike a balance between the needs of the business sector and the consumers, as well as maintain food security in the markets, the MoE said.
It clarified that the increase would help protect egg and poultry companies and farms from global inflation and high production costs, while also ensuring that prices will remain stable and reasonable in the markets.
After six months, if the justifications behind the hike no longer exist as a result of market improvements, the price increase shall be cancelled or modified, the MoE said.
ALSO READ:
More news from UAE
Choosing to go vegan can be a step towards having a sustainable, budget-friendly, detoxifying holy month
A Dubai-bound Filipino tourist was offloaded at the Philippine airport twice after he failed to show an AoSG
Legal expert advises employers to include a provision in job contract that requires employees to return confidential information at the end of their service
Nationals have been asked to follow safety instructions issued by French authorities
The motorists, who were all pleasantly surprised, expressed their pride as they were handed their rewards
The Moon will turn into a tiny sliver and just 9 per cent of the surface will be visible
1,200 items were collected on the very first day of Ramadan to be distributed to the needy in some Middle East and African countries