BREAKING NEWS

C'tee increases monitoring of price controlled food

DECEMBER 1, 2015 19:24

Updated: DECEMBER 1, 2015 19:25

The inter-ministerial committee on price announced Tuesday that it will increase monitoring of food products under price control, to ensure that companies aren't inflating their profits.

The committee will require retail outlets to submit reports on price controlled products, such as milk, eggs, and a variety of dairy products, twice a year.

Because the basic products under supervision go through several players before reaching consumers, the committee said, it was important to monitor any areas where the price was going up.

The goal, it added, is to ensure that consumers will receive the lion's share of the benefit from price controls.

Already, the committee said, it was clear that retailers were increasing the price of eggs "significantly" beyond their target. Because the population is more sensitive to the price of dairy products, retailers were better at self-regulating.

As part of the new process, the Finance, Economy and Agriculture Ministries, members of which comprise the price committee, will review the data, and submit public reports. The first two reports, on the first and second halves of 2015, will be published in early January 2016 (the 4th and 10th of the month, respectively).

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