7 ways UAE is beating price rises, minimising inflation level

7 ways UAE is beating price rises, minimising inflation level

The country approved a new policy to keep rate hikes of basic food items in check

Image used for illustrative purpose.

By A Staff Reporter Published: Fri 2 Sep 2022, 8:29 AM

Covid-triggered disruptions of global supply chains and the Russia-Ukraine war are among the global issues that are driving up prices of fuel and basic commodities. The UAE is doing all it can to minimise the local impact of global price rises and has succeeded in having among the lowest inflation levels in the world.

Retailers reported a drop in prices of basic grocery items as UAE fuel prices dipped to a six-month low in September.

Here is how the country managed to keep prices in check:

— Prices of basic items cannot be hiked without approval

Earlier this year, the UAE’s Ministry of Economy approved a new policy to keep price hikes of basic food items in check. As per the policy, suppliers will have to submit evidence to justify price increases of some of the most sought-after items such as fresh and dry milk, fresh chicken and eggs, bread, flour, sugar, salt, rice and legumes, cooking oil, mineral water and others. This group includes more than 11,000 commodities, and suppliers who want to raise