«Economy»: Inflation rates in the country are stable compared to global indicators

The Ministry of Economy reported that inflation indicators in the country are considered normal, according to economic variables, and more stable, compared to similar global indicators, pointing out that global competitiveness reports rank the UAE in leading positions globally in the stability of inflation rates.

She indicated, in press statements yesterday, that the ministry is coordinating with local departments to address any abuses from stores, by imposing fees on card payments, adding that it monitors price changes in basic commodities, and does not allow increases without official approval.

In detail, the Undersecretary of the Ministry of Economy, Abdullah Al Saleh, said, in a virtual dialogue session, that “global competitiveness reports rank the UAE in leading positions in the world in the stability of inflation rates,” noting that “the inflation rate in the UAE is in a more stable situation, compared to the rates of inflation. global inflation.

He explained that "inflation rates reached 2.5 percent during last December, compared to December of 2020, and that the increase in recorded inflation rates came after the economic downturn that occurred in 2020, and these percentages are acceptable and positive, because they reflect the economic activity in the country, and the recovery of demand." and purchasing power.

Al Saleh added: “Inflation factors in the prices of a number of commodities during the past periods came as a result of reasons related to the rise in raw material prices, increase in operational costs, disruption in supply chains, and the doubling of shipping costs more than once. Approval to raise the price according to certain percentages, attached to the request, and the real justifications for the request for the increase.”

He explained, “The ministry studies all requests submitted to it by merchants to raise the prices of certain commodities, and is looking into the real reasons for requesting the increase, knowing that it is balancing the interests of merchants and their abilities to continue production and distribution on the one hand, and the interests of consumers on the other hand, and therefore given A number of approvals to increase prices according to the request submitted, while the percentage of the required increase in some requests was reduced, and requests for increase were rejected in some other cases,” noting that “the ministry monitors any changes in the main and strategic commodities, and addresses any unjustified increases.”

Al Saleh said that the ministry is coordinating with local departments to intensify efforts to address any practices such as imposing fees on consumers when paying with bank cards, and that it has received very small numbers of complaints in this regard from consumers, and has conducted monitoring and tracking these cases in the markets.

He added, "The ministry has monitored that some banks impose large fees on sales outlets when using debit cards or direct immediate payment, and these fees are charged by stores to consumers, while the Central Bank addressed the banks immediately to reduce these fees at the outlets," calling for the necessity of Submit a complaint to the ministry or local economic departments directly when consumers are subjected to the imposition of fees by stores in this regard.

He pointed out that "the Central Bank, during the last period, issued a circular to banks to reduce fees on sales outlets, and we have actually witnessed a commitment from all banks to do so."

Follow our latest local and sports news and the latest political and economic developments via Google news