The rescue was carried out by Sharjah Police in cooperation with the National Guard team
uae12 hours ago
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:
The rescue was carried out by Sharjah Police in cooperation with the National Guard team
uae12 hours ago
Contractors have been urged to follow the new rules on information displays for building projects
uae13 hours ago
Flying car firm Archer says 'significant progress' made in regulatory framework, infrastructure development to launch air taxi in the country
uae14 hours ago
More than 680,000 Sudanese refugees, mostly women and children, have fled to Chad because of the ongoing violence in their country
uae14 hours ago
A top police officer reminded motorists that vehicles will be impounded for up to 30 days for multiple traffic offences
uae14 hours ago
A white van smashed into a queue of vehicles as if the driver didn't see the congestion
uae15 hours ago
He pleaded guilty to one count in July, and alongside his prison sentence, he was ordered to repay $2.2 million to his victims
uae22 hours ago
Vendors explained that the ongoing regional conflict has led to fewer boats venturing into the ocean, resulting in limited stock
uae1 day ago