Ministry ensures price stability as Ramadan arrives

RIYADH: In view of the upcoming Ramadan season, the Ministry of Commerce and Industry (MCI) will ensure stability in prices, with adequate supply of goods to the local market, a ministry official said here on Tuesday.
It was pointed out that the Kingdom's markets are witnessing abundant supply which have contributed to the decline in prices of foodstuff such as rice, milk, sugar, eggs and vegetables, as well as steel and cement.
The official attributed the price stability to the increase in 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, along with the expansion of production capacity for a number of factories and companies, as well as the multiplicity of suppliers.
The ministry indicated that it was monitoring the prices in all regions of the Kingdom to take appropriate measures wherever there is fluctuation. It is also monitoring the prices of basic commodities in the GCC states and some neighboring countries.
The ministry reaffirmed that the inspection teams would continue their work at markets and shops to verify their commitment in putting the price-tag on items and also to make sure that the prices on the items match the ones with the cashiers.
The MCI would also monitor the discount sales announced by markets and shops, to ensure that there is no fraud on the consumers. It would take all legal measures against any violation, as well as impose the necessary penalties on such those found guilty.
The ministry called on all consumers to report any violations or observations to the Notification Center of the Ministry at 1900.