The Mci Will End Price-fixing

After analyzing the causes and ramifications of the decision on the local market, the Ministry of Commerce and Industry said that it will revoke its earlier decision to limit food prices after the Eid holidays.

According to the sources, this came after a group of companies (food suppliers) met with Minister Fahd Al-Shariaan and informed him of the changes that have occurred in global markets, which have resulted in fundamental price adjustments, as well as the difficulties they face as a result of the ministry's price control. They also stated that if the decision to set prices is maintained, they would have difficulty assuring enough food supply in the Kuwaiti market, since it puts suppliers under pressure to cover the cost difference, according to a local Arabic newspaper.

According to the sources, many food shipments have recently been redirected to other Gulf nations due to price differences of up to 20%.

According to the food suppliers, it is surprising that all other decisions related to the Covid-19 pandemic have been cancelled, while only the price-fixing decision has remained, despite the changes that have occurred, including the unprecedented global demand for food commodities, which have driven up prices to unprecedented levels, in addition to the complications imposed by the Ukraine war, which has exacerbated the problems of gastronomy.

The corporations' move in this way comes at a time when the World Food and Agriculture Organization Price Index for cereals increased by 170.1 points in March, a rise of 24.9 points (17.1 percent) from February's level, but still reaching its highest level since 1990.

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