UAE launches price monitoring platform to enhance surveillance of market

Abu Dhabi: The Ministry of Economy has launched the "National Commodity Price Control Platform," a new digital tool designed to enhance government surveillance of market pricing and provide real-time tracking of essential goods.

The platform, which was developed in response to the growing need for more robust market oversight, also aims to stabilize prices and protect consumers from unjust price hikes.

It will allow competent authorities to monitor the prices of nine essential consumer goods—cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat—across the nation’s largest retail outlets, including cooperatives, hypermarkets, and major stores. The monitoring covers more than 90 per cent of the UAE's domestic trade in these basic commodities.

According to Abdullah bin Touq Al Marri, Minister of Economy, the launch of this platform will reinforce the UAE’s commitment to consumer protection and market stability. "The UAE has established an integrated legislative and regulatory framework to safeguard consumers, ensuring a safe and stable environment for shopping while boosting the retail and wholesale sectors,” said Al Marri. "This new platform will further enhance transparency, governance, and regulatory efficiency."

The platform instantly tracks pricing fluctuations and compares them against a pre-established price ceiling set by the government. This feature ensures compliance with the official pricing policy, helping prevent price manipulation, unjust hikes, or market exploitation by traders or suppliers.

Moreover, the platform uses advanced data collection and analysis technologies, offering government officials and local authorities access to up-to-date information on pricing trends across various regions.

In addition to monitoring prices, it also features a map-based tool for pinpointing non-compliant retail outlets and pinpointing any monopolistic practices or price manipulations in real-time.

The move follows the UAE's implementation of a new pricing policy earlier this year, outlined in Cabinet Resolution No. 120 of 2022, which regulates the prices of essential consumer goods. Under the policy, any price increases for the nine listed commodities can only occur with prior approval from the Ministry of Economy.

"With the launch of this platform, we are aligning with the goals of the Year of Community," Al Marri continued. "This initiative not only strengthens our ability to safeguard consumer interests but also supports our ongoing efforts to ensure fair pricing and protect against inflationary shocks. The platform empowers stakeholders to tackle unfair price increases swiftly and efficiently."

The platform will also help to monitor the quality of consumer goods and ensure they meet the health and commercial standards required by the government. From providing time-series price tracking to comparing prices across different markets, the platform offers a comprehensive, data-driven approach to maintaining a fair and competitive market.

Al Marri also emphasized that the Ministry’s continued efforts will contribute to further strengthening the UAE’s economy and ensuring the prosperity of its citizens and residents by enhancing the country’s ability to respond proactively to price shifts and ensuring that goods are accessible at fair rates.