Abu Dhabi: The Ministry of Economy has approved a temporary price increase of up to 13 percent for eggs and poultry products, the Emirates News Agency (WAM) reported. The ministry said the decision came after many companies made requests for price hikes amid high production costs and rising international shipping costs.
The ministry added that it conducted an analytical study to verify the need for increased collaboration with a professional consultancy team and looked at the cost of egg and chicken products.
The ministry also noted that this increase is temporary and will be evaluated within 6 months and will be canceled or amended if not justified based on local, regional and global market developments.
The increase will help protect poultry and egg companies and farms from the negative impact of high production costs and mitigate the impact, the ministry said. This will help keep these companies afloat and ensure they can supply eggs and poultry products in the UAE market at stable and reasonable prices.
The Ministry noted that eggs and poultry products are among the commodities whose prices cannot be increased in the market without the prior approval of the Ministry and that the step to increase the prices of these products is in implementation of the current policy and in line with the recently introduced under Cabinet Resolution No. 120 of 2022 Pricing policy, which deals with the rules and controls of the pricing of consumer goods in the country.
Stressing that commodity price increases are a global challenge, the ministry is continuously studying the global scenario of major commodity price increases to reduce any uncontrolled impacts in an integrated manner and in accordance with clear policies. The international prices of the final products of these commodities in the country’s market rose.