In a bid to beat global inflation, hypermarkets in the UAE have announced price freezes on more than 200 essential items for residents.
After this announcement, there will be no increase in the prices of food and other essential items at all Lulu hyperstores in the Emirates until the end of this year 2023.
It should be noted that the United Arab Emirates has initiated several measures to control the prices of essential commodities. In this regard, in November last year, the UAE Cabinet adopted a policy on basic commodity prices under which retailers will not be allowed to increase the prices of 9 basic commodities without the approval of the Ministry of Economy.
Products to which this policy has been applied include cooking oil, eggs, dairy, rice, sugar, poultry, beans, bread and wheat.
Under this policy, if the price of any commodity increases, the suppliers will be allowed to increase the prices of certain highly demanded commodities such as fresh and dry milk, fresh chicken and eggs, bread, flour, sugar, salt, rice, pulses and cooking oil. Evidence must be presented to justify.