The UAE’s Ministry of Economy (MoE) has approved an increase in the prices of eggs and poultry products, clarifying on Saturday that this will be temporary and will be assessed within six months.
The price hike has been capped at 13 per cent, according to a ministerial resolution issued earlier this month.
It was a decision taken based on a request submitted by a number of companies operating in the sector, which said they had incurred losses over the last period due to high production and shipping costs and an increase in prices of imported raw materials like fodder, according to the MoE.
Based on a study that the ministry carried out to verify the companies’ demand, it found a 13 to 20-per-cent price hike reasonable, so the results were then submitted to the Supreme Committee for Consumer Protection. At the federal and local levels, the committee recommended the approval of a 13-per-cent maximum increase.
Eggs and chicken products are among the commodities whose prices cannot be increased without prior approval from the ministry.