UAE reveals its efforts to ban price increases on essential items before Ramadan
In addition to offering discounts of up to 75% on approximately 4,000 products during Ramadan, the UAE has taken action to stop price increases on necessities.
To preserve the rights of consumers, the prices of necessities such as rice, chicken, bread, and dairy products will be frozen. To ensure a balanced trade-consumer interaction and conformity to worldwide norms, the Ministry of Economy (MoE) wants to improve price supervision during Ramadan. Promoting educated consumer choices, educating customers about their rights, and enforcing consumer protection laws all depend on cooperation with partners.
Abdullah Sultan Al Fan Al Shamsi, Assistant Under-Secretary for the Monitoring and Follow-Up Sector at the Ministry of Economy, detailed efforts to develop a legal structure aimed at safeguarding consumer interests. The ministry engages with stakeholders, the cooperative sector, and governmental bodies to foster a secure environment for customers. Meetings with essential goods suppliers are conducted to ensure sufficient availability during Ramadan in 2024.
Increases in the cost of necessities are tightly controlled and need permission from the ministry and other appropriate authorities. The UAE Federal Decree Law No. 5 of 2023 requires suppliers to support ethical business practices while also strengthening consumer rights. Sales rates in cooperatives and online retailers range from 25% to 75% during Ramadan, and the ministry is in charge of managing promotions and discounts.
More availability, competition, and customer awareness are the reasons for more promotions. The MoE intends to launch new programmes to improve consumer safety and competitiveness, such as a code of conduct for retailers and suppliers and a monitoring team for the prices of necessities. About 620 inspection tours will take place in January and February of 2024 with the goal of stopping trademark infringement and commercial fraud.
Consumers are provided with alternatives to accommodate budgetary constraints and preferences, influencing market trends and supply and demand dynamics. Overall, the UAE's efforts during Ramadan 2024 aim to ensure consumer welfare, fair pricing, and market transparency, aligning with global standards and promoting economic prosperity.
