Business | Markets
Price of essential foodstuff set to rise
Suppliers have given notice to retailers to increase the prices of certain brands of non-Basmati rice, wheat flour and milk powder, according to industry officials.
- By Binsal Abdul Kader, Staff Reporter
- Published: 23:06 October 16, 2007
- Image Credit:
- The latest price rise is likely to affect the majority of the UAE population who have already been suffering from high inflation, officially put at 9.3 per cent.
Abu Dhabi: A price rise is set to hit residents again. Suppliers have given notice to retailers to increase the prices of certain brands of non-Basmati rice, wheat flour and milk powder, according to industry officials.
Prices of non-basmati rice are to go up by 10 to 25 per cent due to the shortage of the Indian varieties following an export ban imposed by the Government of India, said suppliers and retailers. "There is a shortage of non-basmati rice in the market following the ban as Indian non-basmati rice constitutes about 50 per cent of the market share," said a prominent supplier. Major suppliers of wheat flour have given notices to retailers to increase the prices with effect from today, said retail officials.
"Almost all major suppliers have given notices to increase prices by 35 to 40 per cent," said a manager of a prominent retail chain in Dubai. "The price for a 50kg bag will be increased to Dh110 from Dh80 and from Dh17 to Dh23 for a 10kg bag."
Officials said two most prominent milk powder brands have also given notices to increase the price by 20 to 25 per cent with effect from November 1. "The price for a 2.5kg pack of a milk powder of a prominent brand will be increased to Dh64 from Dh54. Other brands will follow suit as soon as the prominent brands make the new price effective," said a manager of a prominent retail chain.
New crude high fuels talk of petrol rate revision
Crude oil for November delivery in the United States shot up yesterday to a new record high of $87.97 a barrel, fueling concerns that the UAE's domestic oil retailers may now try to get gasoline prices increased in view of the mismatch between oil prices in the UAE and the prevailing price in the international market. "I am not sure whether the government will allow an increase in domestic prices of gasoline despite some retailers complaining they are losing money due to the price cap," Kate Dourian, Middle East editor of energy information provider Platts', told Gulf News.
- Himendra Mohan Kumar/Staff Reporter
Your comments
Life has become intolerable in this part of the world; one can hardly maintain a decent standard of living (devoid of any luxury). We are not here to vegetate and loiter in malls and squander our precious days and hard earned money. If we cannot save, then we might as well return home where the standard of living is higher.
Jaiganesan
Dubai,UAE
Posted: October 17, 2007, 08:23
Rise in prices of foodstuff will certainly affect the general public's living. As the salary does not increase accordingly, we are yet to decide what we will need to forgo to overcome the price hike!
Imran
Dubai,UAE
Posted: October 17, 2007, 08:23
This is ridiculous; they are making our lives hell. Increasing the cost of living to that extent seems like the end of life here.....We have to find other places.
Farhat
Dubai,UAE
Posted: October 17, 2007, 08:09
The inflation rate is rising by the day and the Consumer Price Index getting beyond control for the common man. I am sure the Ministry of Economy will be giving a serious thought on the competition laws to boost competition. This will help to get the prices down.
Bernard
Dubai,UAE
Posted: October 17, 2007, 08:08
Who are they trying to fool, there no price restraints here in Dubai. I'm a single man and my grocery bill for this last month is more than double what it was last year this time. The large grocery retailers do what and when they like as far as prices go, they might have restrictions on basics, but the rest no way.
Terrence
Dubai,UAE
Posted: October 17, 2007, 07:59
With the current hike in rents and in food prices, it is very hard for the common man to stay in Emirates now. I think the authorities must take mandatory action to overcome this problem.
Irfan
Dubai,UAE
Posted: October 17, 2007, 07:23
In the market, the current prices of non-Basmati rice, 20 kg bag, is Dhs.51. The brand name called "Thanjavur Pulugal Rice. I don?t think any non-Basmati rice is available in the market price of Dh32 to Dh38 per 20kg bag.
Murugan
Dubai,UAE
Posted: October 17, 2007, 07:16
Is there anything that is not going to cost more? Salaries went up only 10 per cent; how are people going to afford 35 per cent.
Karim
Abu Dhabi,UAE
Posted: October 17, 2007, 01:52
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