Plan to slash consumer prices this year

Dealers in the UAE are planning to slash consumer prices this year as part of a collective initiative in response to government pleas to ease the financial burden on the public and curb costs, an official was reported on Monday as saying.
During a meeting with officials at the ministry of economy on Sunday, traders presented a plan that envisages a sharp cut in prices of key consumer items of between 10 and 30 per cent, said Hashim Al Nuaimi, director of the ministry’s consumer protection department.
“The cuts in the prices of some products could reach their cost level while other reductions are at least10-30 per cent,” he said after the meeting.
“The ministry is planning to conduct visits to shopping outlets from next week to ensure they abide by their initiatives and prevent any price rise.”
Quoted by the Arabic language daily Alkhaleej, Nuaimi said the initiatives announced by dealers on Sunday were a result of what he described as long-standing cooperation between the government and the private sector.
“This cooperation has resulted in the abolition of some trade agencies and allowing direct import by dealers to ensure lower prices…our plan until the end of this year is to stabilize the prices of some consumer items and slash others by between 10 and 30 per cent, including rice, sugar and bread.”
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