UAE cracks down on price hikes of essential goods

The Ministry of Economy has announced the details of a new pricing policy aimed at regulating essential consumer goods, which will take effect on January 2, 2025.

The policy focuses on nine key products: cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread and wheat, along with related items and cleaning products.

Under the new rules, price increases for these goods can only occur with prior approval from the Ministry, and there must be a six-month minimum gap between consecutive price hikes. Other products will be subject to market forces like supply and demand.

Meanwhile, retail stores, along with online merchants with premises over 1,000 square metres, will be required to clearly display unit prices using standardized measurements.

The policy also includes measures to check price fluctuations. The ministry and relevant authorities will monitor compliance, and consumers will be able to file complaints if stores or merchants violate the rules.

The aim is to ensure market stability, protect consumers, and promote transparency and fair competition.