31 C
Friday, June 14, 2024

UAE temporarily raises egg and poultry prices


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.

Continuing operation

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.

global challenge

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.


Source link

Related Articles

Sharjah Award: Global Recognition for Government Communication

Sharjah Government Communication Award (SGCA) has been a significant initiative since its inception in 2012, aimed at recognizing and promoting excellence in government communication. Established...

UAE Weather: Enjoy a Fair Day Ahead with Mild Humidity in Some Areas

UAE Today, residents and visitors can look forward to enjoying a fair and pleasant day with generally clear skies and mild humidity in some...

UAE Banks to Launch Jaywan Debit Cards: Phased Rollout Announced

UAE Banks to Launch Jaywan Debit Cards: Phased Rollout Announced Significant move aimed at enhancing financial services in the UAE, several leading banks have announced...

UAE Jobs: Airline to Recruit 1,000 Cabin Crew by Year-End

UAE's robust aviation sector and its resilience in bouncing back from the challenges posed by the pandemic. In an exciting development for the job market...

UAE Announces New Federal Traffic Law, Empowering Roads

UAE has recently announced a new federal traffic law aimed at empowering road safety and enhancing traffic management across the nation. This comprehensive law introduces...

Latest Articles