Heavy fines for businesses that inflate prices

Abu Dhabi: Businesses that inflate prices for essential food items for the sake of profiteering could be subject to heavy fines in the near future, Dr Hashim Al Nuaimi, Director of the Consumer Protection Department at the Ministry of Economy, said here Sunday.

Al Nuaimi was speaking to reporters shortly after an inspection tour of the Abu Dhabi Cooperative at Abu Dhabi Mall. He said a decision on this matter would be taken by the Ministry of Economy but did not give any indication of the time frame involved.

Normal prices

Al Nuaimi said food items in the capital were presently available in abundance and at normal prices.

Al Nuaimi said at present essential food items in Abu Dhabi are available in plenty and at normal prices.

"The prices have not been inflated during Ramadan. Everything is available... it's normal," he said.

Essential food items include cereals, edible oils, meat, milk powder, poultry, fruits and vegetables.A kilo of Indian mutton yesterday at the Abu Dhabi Cooperative was selling for Dh25.90. A 5kg sack of Pakistani basmati rice which includes a 2kg extra bag was priced at Dh26, while a 3 litre jar of Canola oil sold for Dh24.20.

"Lots of fruits and vegetables are available," said Al Nuaimi.

The average rise in consumer prices in Abu Dhabi in July was 2.75 per cent year-over-year, the Statistics Centre, Abu Dhabi (SCAD) said in a report released yesterday. Inflation over the first seven months this year stood at 2.54 per cent, the centre added.

What do you think about this initiative? Have you noticed an increase in food prices? What more could the authorities do to ensure prices remain stable?