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Tuesday , October 4 2022

Over 30 major companies seek 5 to 10 pct price raise for foodstuffs

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Committee stops considering hike until after Ramadan

KUWAIT CITY, May 22: More than 30 major foodstuff supply companies have submitted a request to the food pricing committee to raise the prices of some foodstuffs ranging between five and 10 percent, reports Al-Rai daily quoting reliable sources.

The pricing committee includes members from the ministries of Social Affairs and Labor, Commerce and Industry and the Union of Consumer Co-operative Societies.

The task of the committee is to monitor the co-ops and to ensure they adhere to the prices drawn by the committee to ensure stability of the prices in the market.

However, the committee is entitled to approve the increase not more than five percent. If the increase exceeds more than five percent, the issue shall be referred to the Higher Pricing Committee, headed by the Assistant Undersecretary for Consumer Protection and Trade Control at the Ministry of Commerce and Industry.

Sources pointed out the companies which seek to raise the prices of consumer products have cited legal and financial justifications, most notably the changes in the pricing of their goods which came from the main supplier.

The sources said the Committee had stopped considering any proposed increase until after Ramadan, even if they were due, in an effort to maintain its market budget, which does not allow any increase in the price of goods during this particular month or prior to it.

The sources pointed out the postponement to the proposed increases by companies do not mean rejection, but everything will be taken into consideration and will be subjected to study before taking any final decision.

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