Saudi Markets Experiencing an Oversupply of Foodstuffs and Price Stability, as Confirmed by MCI
MCI has pointed out that the Saudi markets are witnessing an abundance of goods and foodstuffs with the stability of their prices. The prices of some items are reduced up to 26%, such as rice, powdered milk, sugar, cheese, vegetable oil, frozen chicken and the imported frozen meat. This is by comparing the wholesale prices of such items in January 2016 with January 2015, especially after offering various brands of goods and commodities from different sources in the markets, and thus creating competition among importers and trade shops, in addition to what the local markets witnessed of abundant local agricultural products, since they were not affected by weather conditions, and therefore contributed to increasing the production and lower the prices significantly.
MCI indicated that it is constantly working on following-up and monitoring the commodity prices in the local markets, as well as verifying the absence of any non- justified hikes in commodity prices, the Ministry as well has been comparing the prices in the Kingdom and that in GCC and neighboring countries, in addition to standing against any practices and agreements that constitute a violation to competition, and in a way effecting the prices, and then the violators to be referred to the Council of competition Protection to impose the legal penalties , as happened recently against some rice importers and soft drinks producers .
In light of the power and competences granted to MCI, it will continue its efforts in monitoring and detecting any violations, and it would apply the fines & Penalties list, especially those related to increasing the prices and lack of price tag on the items.