Price cap on food until end of Ramadan a timely step

Once again, in a timely and highly appropriate move, the Ministry of Economy has put a freeze on food prices until the end of Ramadan. The decision came into effect on Thursday. Retailers have been instructed in no uncertain terms to adhere to the regulations, even if the cost of raw materials or demand undergo a change during this period. This will effectively put an end to the unethical and exploitative tendency of retailers to take advantage of consumers, an unfortunate trend in the past, as the demand for food items surges during Ramadan.

While many retailers have committed to be a part of the initiative, others also need to step up and be a part of this worthy cause. The authorities are also looking to expand the list of items to be covered by the price cap, which presently includes about 1,600 products. The price cap not only bolsters the baseline comfort of consumers in terms of making staple food products and household items more affordable, the target reduction figure — a decrease in price by 30 per cent — translates into a significant drop for them, particularly for those who have low or medium income.