24 C
Saturday, April 1, 2023

UAE announces temporary increase in egg prices – News

UAE announces temporary increase in egg prices – News

The ministry said the step was taken following requests submitted by several companies

read more…

up to you

published: Saturday, March 18, 2023 at 8:13 pm

Last updated: Saturday, March 18, 2023 at 9:36 pm

The UAE Ministry of Economy (MoE) has approved an increase in the prices of eggs and poultry products, clarifying on Saturday that this will be temporary and will be assessed within six months.

The price increase is capped at 13%, according to a ministerial resolution issued earlier this month.

The decision was based on requests submitted by various companies in the industry, which said they had suffered losses over the past period due to high production and transportation costs and rising prices of imported raw materials such as feed. to the Ministry of Education.

Based on a study carried out by the ministry to verify the needs of companies, it found a price increase of 13% to 20% to be justified and therefore submitted the results to the Supreme Council of Consumer Protection. At the federal and local levels, the committee recommends approval for increases of up to 13%.

Eggs and chicken products are among the commodities that cannot be increased in price without the prior approval of the Ministry of Health.

The ministry said the 13 percent was a “reasonable rate consistent with the high regional and global prices of these products”. It takes into account current raw material prices and other requirements for egg and poultry production, such as feed, fuel and vaccines, as well as high international shipping costs, especially from Russian and Ukrainian ports, which are major global suppliers. Grains used in the feed industry.

The Ministry of Economy said the temporary price increase was part of an effort to strike a balance between the needs of the business sector and consumers and to maintain food security in the market.

It clarified that this increase will help protect egg and poultry companies and farms from global inflation and high production costs, while also ensuring that market prices remain stable and reasonable.

After six months, if the case for a rate hike no longer exists due to an improving market, the price increase should be canceled or revised, the MoE said.

Source link

Related Articles

Pakistan, UAE agree to strengthen cooperation in various fields

ISLAMABAD: Pakistan and the United Arab Emirates (UAE) have agreed to strengthen bilateral cooperation in various fields. The understanding was reached during a meeting...

Qatar lobbyist files lawsuit against UAE over latest Emirati espionage scandal – Doha News

Through data leaked by Alp Services, The New Yorker discovered photos of Souid's apartment in 2017, in which her son can be seen....

Emirati astronaut Hazzaa Al Mansoori marks new milestone for Arabs in space

DUBAI: The historic 69th expedition mission officially begins, including UAE's Hazzaa...

Latest Articles