UAE Implements Minimum 6-Month Gap Between Price Hikes for Basic Goods Starting January 2025
The UAE Ministry of Economy has introduced new regulations to safeguard consumers by mandating a six-month interval between consecutive price increases for nine essential goods. Effective January 2, 2025, retailers will be prohibited from raising prices for items like cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat without prior approval.
This policy, part of three new ministerial decrees, aims to enhance transparency, promote market stability, and prevent monopolistic practices. Retailers are now required to display unit prices for these goods, ensuring consumers can make informed purchasing decisions.
Key Details of the New Policy:
- Approval Requirement: Price hikes for the nine listed goods and related items, including cleaning products, require Ministry approval. Other goods remain subject to market mechanisms.
- Transparency Measures: Unit prices must be clearly displayed using standardized measurements. The policy grants authorities the right to monitor compliance and allows consumers to file complaints against violations.
- Code of Conduct: Ministerial Decision No. 247 establishes ethical guidelines for suppliers and retailers, fostering integrity and transparency in the consumer goods sector.
The Ministry will oversee the implementation of these rules to ensure fairness across all emirates, safeguarding the market from sudden disruptions and preserving competitiveness. These measures also address potential conflicts between suppliers and retailers, providing a framework for resolving disputes.
This regulatory framework represents a significant step in maintaining price stability, protecting consumers, and promoting a balanced and transparent marketplace.
