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.

"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.