Business | Economy
Co-op to hold prices steady for six months
Amid a growing debate about UAE price rises, Consumer Cooperative Union announced yesterday it will hold its prices steady for six months.
- By Ashfaq Ahmed, Staff Reporter
- Published: 00:00 May 2, 2005
Amid a growing debate about UAE price rises, Consumer Cooperative Union announced yesterday it will hold its prices steady for six months.
"We have decided at a meeting of all the cooperative societies to block any price increase on Co-op brand products," said Izzeldin Abdel Mageed El Sayed, general manager of Consumer Co-operative Union.
He told Gulf News yesterday the Co-op would also not accept any price increases by local suppliers in the next six months.
Concerns have risen about a jump in retail prices since the UAE government ordered a 25 per cent rise on May 1 for nationals in Federal government institutions.
The Co-op official urged consumers to help keep prices steady. "They should stop buying from suppliers who increase prices and switch to Co-op products as we offer 10 to 40 per cent cheaper prices on our private labels." At least 10 more Co-op stores are to be opened in the UAE this year.
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