Cooking oil, sugar prices up by 50% - Emirates24|7

Cooking oil, sugar prices up by 50%

Cooking oil, sugar prices increase by 50 per cent. (GETTY IMAGES)

The prices of basic food items - including cooking oil, sugar and rice – have risen by as much as 50 per cent by the end of January according to Arabic daily Emarat Al Youm.

The report also says that the prices of items like chicken, margarine and milk powder are to increase by 20 per cent.

The paper reports that food companies have submitted written requests to outlets asking them to raise prices and attributing it to an increase in costs of imports from countries of origin.

Mohammad Al Shehi, Undersecretary of the Ministry of Economy said, “The Supreme Committee for Consumer Protection discussed in its last meeting the requests of a number of suppliers to increase prices of some major food commodities. The concerned bodies will be notified of new prices.”

He also added: “The ministry has started an intensive inspection campaigns to ensure compliance with the increase of prices of soft drinks and to ensure prices of goods not approved by the ministry are not increased.”

Faisal Al-Arshi, Director General of the Abu Dhabi Cooperative Society said, “The prices of many other commodities have increased already on the market. Cooking oils are up by upto 30 per cent, while sugar has witnessed an increase of up 50 per cent when compared to three to six months ago.”

Al Arshi added, “The increase also affected some non-essential food commodities such as various types of spices, which have increased of up to 50 per cent. There are expectations of hikes in the prices of chicken.”

Abraham George, Director of Purchasing at Bani Yas Cooperative Society, said sugar prices rose in the local markets by more than 30 per cent as of January, while oil prices increased in varying ratios of more than 20 per cent.

Also see: http://www.emirates247.com/news/emirates/beverage-price-hike-is-part-of-global-rise-2011-01-05-1.338219

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