Business | Markets

Key ministry measures come to aid of consumers

Index shows stability in prices of many basic commodities while some goods witness a drop in cost.

  • By Irish Eden Belleza, Editorial Assistant
  • Published: 00:22 March 19, 2008
  • Gulf News

Duba:i With the first quarter of 2008 about to end, consumers are feeling some relief after key measures were implemented to contain inflation.

Click here to see the prices of selected commodities

Earlier this month, the Ministry of Economy (MoE) set a ceiling on the maximum price retailers could charge for some food prices, which has helped in stabilising the prices.

Also this month, the MoE signed a memorandum of understanding (MoU) with Union Cooperative Society (UCS), by which the 2007 prices of some basic food products such as oil, rice, flour, eggs, sugar, powdered milk, tea, meat, chicken, fish and bread would be kept unchanged throughout 2008.

Warning

Also, in November last year, the Ministry of Economy had warned suppliers against raising prices of goods and services in an "unjustified" manner to take advantage of the 70 per cent increase in wages of federal government employees.

The latest consumer price index released by the Ministry of Economy (MoE) has shown stability in prices of many basic items. The index showed that a five-kilogram Basmati Rice (Rozana) packet, imported from India, has remained at Dh25.90.

The Pakistan Basmati Rice (Momtaz) is still being sold at Dh30 per five kilogram, while a bag of UAE white sugar, which used to be Dh4.20 for two kilograms, is now being sold at Dh3. The MoE index covered around 49 essential commodities.

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