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Friday , February 3 2023

Commerce thwarts bid to hike prices of commodities

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KUWAIT CITY, July 18: Ministry of Commerce has dismissed any attempt to increase the prices of commodities based on an increase in rent value at the cooperative societies, reports Annahar daily.

The daily quoting sources said the decision of the Ministry of Commerce has thwarted the efforts of the Union of Cooperative Societies in justifying its intention of raising the prices of commodities through rent value increase.

They added the Ministry of Commerce will intensify its inspection of cooperative societies to ensure prices remain the same. They noted the ministry’s keenness to enforce law to guarantee consumer protection in the coming period.

Meanwhile, sources from the Ministry of Social Affairs and Labor stated the sector is all set for a meeting of the tripartite committee, indicating representatives from the Ministry of Social Affairs and Labor, Ministry of Finance and the Union Cooperative Societies will meet to discuss the latter’s intention to increase prices of commodities.

They noted the Ministry of Social Affairs and Labor will reject any plan by the Cooperatives Societies Union to raise prices at the meeting, noting an increase in rent value could be managed through different approaches other than putting additional burden on citizens and expatriates.