JEDDAH: Prices of food items such as rice, milk powder, sugar, cheese, vegetarian oils, frozen chicken and imported frozen meat declined by 26 percent in January as compared to the same month last year, the Ministry of Commerce and Industry (MCI) has said.
There is an abundant supply of goods, especially food items, in the Kingdom and their wholesale prices have declined, the MCI told local media.
According to the MCI, in addition to the abundant supply, the quality and source variation of commodities are more wide-ranging than ever, and the competition between importers and shops is also healthy.
Agricultural products are also abundant in the market because this year’s crops were not harmed by the weather.
The MCI said it will continue to follow up on the prices to make sure there are no unjustified price hikes, and will also compare the prices with that of neighboring Gulf countries.
The ministry will stand firm against any illegal practices that may violate the fair competition principle, and will refer the violators to the Council of Competition Protection for action, as it did recently against some rice and soft drink importers.
The ministry stressed the importance of detecting such violations and imposing immediate penalties on violators of rules in the Kingdom.