Kuwait Cracks Down On Soaring Food Prices With A Bold Move

23 November 2023 Food

The Ministry of Commerce and Industry has instructed the Federation of Cooperative Societies to distribute a directive to all cooperatives. Suppliers are explicitly prohibited from increasing prices of essential food commodities under the directive. Associations must be forced to maintain prices at their usual circulating rates and strictly refuse to accept any increases imposed by suppliers, the Ministry emphasized.

Ministerial directives: No tolerance for price hikes by suppliers.

Moreover, the Ministry has instructed association officials to promptly report any instances of suppliers raising the prices of their products. All documents substantiating such cases must be submitted to trade authorities, enabling them to initiate necessary legal actions. Laws and decisions will be enforced without leniency by the Ministry.

A directive from the Minister of Commerce and the Minister of State for Youth Affairs, Muhammad Al-Aiban, urged against any increase in food commodity prices within associations, according to sources. The directive emphasizes the need for rigorous oversight when implementing price fixes for all food commodities. In accordance with the Commercial Control Department's work plan, emergency and inspection teams are intensifying efforts to ensure compliance with directives. In order to prevent artificial price increases coinciding with recent financial boosts for retirees, the goal is to tighten control over markets.

As the sources pointed out, supervisory measures consist of both preventative and punitive actions. This proactive step is deemed essential by the Ministry for controlling future increases, especially those that exploit inflation as a pretext.

Moreover, Abdul Wahab Al-Fares, the head of the Federation of Cooperative Societies, has convened an urgent meeting for cooperative leaders. The meeting will explore viable solutions to the surge in prices within societies. Al-Fares emphasized the Union's efforts to alleviate the burden on citizens by rectifying imbalances in food and consumer markets within cooperative societies.

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