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UAE to monitor prices of 9 basic items in real time; retailers need approval to raise rates
The Ministry of Economy's new platform will check prices of cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread and wheat of major retailers
- PUBLISHED: Thu 20 Feb 2025, 6:16 PM
The UAE’s Ministry of Economy has launched a digital platform for live monitoring of prices of nine basic commodities. The aim is to check unjustified price rise or those done without prior approval from the ministry.
The “National Digital Platform for Monitoring the Movement of Basic Commodity Prices” provides a mechanism for real-time tracking of commodity price movements and allows regulatory authorities to follow up, compare and ensure that prices are consistent with the ceiling set by the ministry according to the approved pricing policy.
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It will cover cooperatives, hypermarkets and large stores which represent more than 90 per cent of domestic trade in basic consumer commodities in the seven emirates of the UAE.
Earlier, the Ministry of Economy said prices of nine basic consumer items – cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread and wheat –cannot be increased without prior approval.
Equipped with the latest data collection and analysis, the platform will alert the relevant control team at the Ministry of Economy and other relevant entities about outlets that do not comply with the price ceiling set by the ministry.
It contributes to uncovering any monopolistic practices or price manipulation by some merchants or suppliers with the a map feature to determine the location instantly.
Abdullah bin Touq Al Marri, Minister of Economy, said the new platform is a continuation of the efforts in exercising its regulatory role and providing all the necessary capabilities, tools and technologies to ensure the highest levels of transparency in monitoring consumer goods prices and protecting consumers.
Last week, Al Marri visited major hypermarkets to ensure that retailers have implemented the new pricing policy for nine basic consumer items and have not raised the prices unjustifiably.
He toured Union Coop, Lulu and 5 other major outlets to ensure that the prices of 9 basic consumer items were displayed clearly in line with the guidelines.
Al Marri on Thursday noted that this new platform would help ensure that goods are available at fair prices and protect society from sudden price increases, control inflation, and control monopoly and manipulation practices.
