MCI Confirms Stability of Prices of Basic Commodities as a Result of Increased Supply

08 Jun 2015
Any Procedures, Affecting the Supply and Demand in Various Regions of the Kingdom, are monitored 
MCI confirmed the stability of basic commodities prices in the local market, as a result of increased supply. The Ministry pointed out that the Kingdom`s markets are witnessing these days abundance in the supply of basic foodstuffs and commodities, which contributed to the price decline in some varieties of foodstuffs, such as rice, milk, sugar, eggs and vegetables, and the price stability of other commodities, such as steel and cement.

The Ministry attributed the stability of commodity prices to the increase in the volume of supply of these items in the local markets, as well as other factors including the regulatory measures issued by the Council of Ministers, in following-up the prices of commodities supply, along with the expansion of production capacity for a number of factories and companies, as well as the multiplicity of suppliers, which would enhance the competitiveness in the Saudi market.

The Ministry has indicated that it is monitoring the prices of foodstuffs and commodities in all regions of the Kingdom to follow up any developments or changes taking place in the markets, that may affect the supply and demand, as well as the Ministry is monitoring and analyzing the prices of basic commodities in G.C.C. states and some neighboring countries, also reviewing the variables and changes in the markets to know the reasons for the increases or decreases in prices, if any.

MCI reaffirmed that the inspection teams would continue their functions by implementing inspection rounds on markets and shops, to verify their commitment in putting the price-tag on the offered items, also to make sure that the prices on the items are matching the ones with the cashiers.

MCI confirmed as well monitoring the discount sale announced by markets and shops, to ensure that there is no fraud or deception on the consumers, to take all legal procedures against any violation, as well as to impose the necessary penalties on violators.

MCI calls on all consumers to report any violations, complaints, or observations to the Notification Center in the Ministry on 1900, or by making a Commercial Notification.

Last Modified 25 Dec 2018