KUWAIT CITY, Jan 22: The prices of over 100 commodities, including sugar, tea, detergent, meat, poultry and dairy products went up by 250 percent and above in 2010, reports Al-Watan Arabic daily.
The Board Chairperson of Al-Nuzha Cooperative Society Riyadh Al-Adsani was quoted as saying the prices were increased by 20 to 250 percent and some companies are still serious about raising the prices of their commodities. He stressed that such a move will strain the budgets of consumers, particularly those with limited income.

Al-Adsani warned on approving any further requests by companies to raise prices, calling on the Union of Cooperative Societies to disprove such requests because they are unnaturally justified.      
He hinted a new wave of price hike is expected to hit the country this year. He went on to urge the Ministry of Social Affairs and Labor to enlist this issue to reconsider policies the cooperative societies follow and reiterated need to step up efforts to monitor prices in cooperative societies to punish those who increase the prices deliberately.

Meanwhile, economic experts say the Amiri grant offering free distribution of ration to Kuwaitis for the next 14 months will help prevent the rise of inflation “which was negatively affecting citizens,” reports Al-Anba daily.
Meanwhile, Minister of Commerce and Industry Ahmad Al-Haroun said the free ration grant will cost KD 230 million to the State.

In a press statement released on the occasion of the 10th anniversary of establishment of Foreign Investment Office, Al-Haroun said the ministry is planning to issue a new law to eliminate the loopholes in the Foreign Investment Law.