Dubai : The United Arab Emirates has introduced a real-time digital platform to monitor the prices of nine essential commodities, ensuring price stability and preventing unjustified hikes. The initiative, spearheaded by the Ministry of Economy, requires retailers to seek official approval before increasing the prices of these basic items.
The "National Digital Platform for Monitoring the Movement of Basic Commodity Prices" aims to track price fluctuations in major retail outlets, including cooperatives, hypermarkets, and large stores, which collectively account for over 90% of the domestic trade in essential consumer goods across the UAE’s seven emirates.
Strict Monitoring and Regulatory Compliance
The Ministry of Economy has mandated that prices of cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat cannot be increased without prior authorization. The newly launched platform will provide authorities with real-time data collection and analysis to detect price violations, alerting control teams if retailers fail to comply with set pricing ceilings.
The system is also designed to identify any monopolistic practices or price manipulation. Additionally, an integrated map feature allows authorities to pinpoint the location of non-compliant outlets instantly.
Ensuring Consumer Protection and Price Transparency
Minister of Economy Abdullah bin Touq Al Marri emphasized that this platform strengthens regulatory oversight and enhances market transparency. "This initiative underscores our commitment to safeguarding consumer rights, ensuring fair pricing, and curbing inflation. By leveraging technology, we can swiftly detect and address any attempts to manipulate prices or create artificial shortages," Al Marri stated.
Last week, the minister personally visited several major hypermarkets, including Union Coop and Lulu, to inspect whether they were adhering to the new pricing policy. During his tour, he ensured that the nine essential commodities' prices were clearly displayed and aligned with the Ministry’s guidelines.
Impact on Market Stability
The introduction of the platform is expected to have a significant impact on market regulation, reinforcing consumer protection and ensuring price fairness. Authorities hope that this step will deter unfair trade practices while maintaining stable prices for essential goods.
With inflation control and consumer welfare at the forefront, the UAE continues to implement progressive economic policies that balance market freedom with necessary regulatory oversight.
