Good laws are of no use if they are not effectively enforced — which is why it is correct that the Ministry of Economy has fined 118 retailers across the UAE for illegal practices during the first two weeks of Ramadan.
The ministry has been taking firm steps to ensure that retailers do not exploit consumers during Ramadan, when there is significantly increased consumer demand for food, clothes and gifts. Even service providers, like beauty salons, are being checked to ensure they are not inflating prices at this time.
Importantly, the ministry is trying to ensure that the prices are kept in check by free market competition rather than by regulation.
The ministry has described food prices in the UAE as stable. This is important since global food prices are increasing, according to some reports. While residents are able to accommodate many increases in costs, higher food prices are hard to swallow.
