The UAE’s Ministry of Economy has announced a new policy requiring a minimum six-month gap between consecutive price increases for basic commodities, starting January 2, 2025. Retailers will also need prior approval before raising prices on nine essential goods, including cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat.
This regulation is part of three new ministerial decrees aimed at monitoring essential consumer goods, enhancing market stability, and protecting consumers. The Ministry, alongside local authorities and suppliers, will oversee the implementation of the pricing policy, ensuring transparency and compliance.
Retailers are mandated to display unit prices to provide consumers with clear comparisons between products. The decision also includes some related goods and cleaning products, which will similarly require Ministry approval for price increases.
The policy seeks to curb monopolistic practices, maintain market stability, and safeguard against sudden disruptions caused by economic shifts. It also allows consumers, suppliers, and retailers to file complaints against violations, promoting fairness within the market.
Ministerial Decision No. 246 focuses on preventing arbitrary price hikes, while Decision No. 245 mandates transparency in unit pricing. Decision No. 247 outlines a Code of Conduct to ensure integrity and transparency in the contractual relationships between suppliers and retailers.
