Prices of basic goods have stabilised

Dubai: The price of most basic commodities has stabilised in the last month and a half, according to Gulf News' regular price checks, with Ramadan less than a week away.

Click here to see the prices of basic goods

In past years, many retailers have exploited the fasting month to increase their profits as people rush to shop, however this year Gulf News' regular price checks seem to indicate a break from the pattern.

The price of Australian lamb has decreased on average by 16 per cent, according to the Gulf News regular price check. The price of a kilogram of lamb has decreased by more than 26 per cent at Carrefour.

Moreover, both the Union Cooperative Society and Carrefour now offer a fixed price for a certain type of Australian meat at Dh24.90 and Dh23.90 respectively, as part of price fixing at the level of 2007 of a basket of commodities from a selected brand in an agreement with the Ministry of Economy which is aimed to fight inflation.

The ministry has also signed an agreement with major supermarkets in the country which stipulates the reduction of essential food items prices during Ramadan. The ministry has also announced a comprehensive plan to monitor and control markets in preparation for Ramadan, according to an official statement issued last June.

The prices of eggs, sugar, milk and juice has barely changed over the last month-and-half in both monitored outlets.

Although the price of chicken of the selected brand in both Carrefour and Cooperative has been fixed, the price of the brand monitored by Gulf News has increased on average by six per cent. However the increase has not been as big compared to increases in the past.

Meeting: FNC discusses issue

The Financial, Economic and Industrial Affairs Committee of the Federal National Council (FNC) on Tuesday discussed the phenomenon of rising prices in the country.

The committee reviewed a number of studies prepared by the Ministry of Economy and the FNC secretariat analysing the internal and external reasons pushing the prices up.

The committee outlined the main framework for the discussion of the subject in the forthcoming meetings.

- WAM

Have you started your Ramadan shopping? Did you notice a marked difference in the cost of regular commodities? Have your consumption habits changed over the years because of the rising prices? Tell us at letter2editor@gulfnews.com or fill in the form bellow to send your comments.