![Action to enhance control over commodity prices](https://kuwaitconnect.org/wp-content/uploads/2023/07/price-1024x673.jpg)
The goal is to encourage consumer participation by providing comprehensive data on goods and products, allowing for comparisons between local and international markets.
Kuwait: The Minister of Commerce and Industry and the Minister of State for Youth Affairs, Muhammad Al-Aiban, has issued two ministerial decisions aimed at implementing more effective control over consumer goods and food commodity prices. The decisions also seek to develop immediate solutions to address price manipulation and unjustified price hikes, as reported by Al-Qabas daily. In a press statement, Al-Aiban explained that Ministerial Resolution No. 99/2023 mandates the establishment of a national database for goods and products, which will be regularly updated and stored electronically.
This database will include information on all locally manufactured or imported goods and products, including their details, types, and prices. The goal is to encourage consumer participation by providing comprehensive data on goods and products, allowing for comparisons between local and international markets. The system will be user-friendly, enabling average consumers to analyze data and compare prices between local and foreign stores.
The resolution will feature a dedicated channel to receive suggestions from all stakeholders, including the government and consumers. This decision aims to enhance consumer control and empower Ministry of Commerce and Industry employees to supervise and monitor prices, thereby identifying any instances of manipulation or artificial price increases. This will be achieved through data integration between suppliers, distributors, and consumers. Ministerial Resolution No. 100/2023 has also been enacted, forming a committee responsible for regulating food items and implementing discounts for a period of one year. The objective is to ensure that a substantial number of essential and complementary products are made available through retail channels at prices 25 percent lower than those in central or parallel markets.