MCI tightens market oversight, targets inflation and supply chain stability
The Ministry of Commerce and Industry will form a committee to monitor commodity prices as part of broader efforts to strengthen market stability, address price fluctuations, and track inflation trends and supply chain performance.
The committee will be chaired by the Undersecretary of the Ministry of Commerce and Industry, and will include members from several government bodies and economic institutions, including the Ministry of Social Affairs, the Public Authority for Food and Nutrition, the Kuwait Competition Protection Authority, the Kuwait Chamber of Commerce and Industry, the Union of Cooperative Societies, the General Administration of Customs, and the Kuwait Supply Company.
The committee will be responsible for monitoring prices in local markets, analyzing supply and demand situation, and assessing factors influencing price stability. It will also study inflation indicators and evaluate the efficiency of supply chains, including identifying challenges affecting the flow of essential goods.
Moreover, the committee will have a mandate to propose policies aimed at promoting fair competition and preventing harmful market practices, while also reviewing pricing structures and the introduction of new products to ensure consistency and transparency in pricing mechanisms.
The resolution grants the committee authority to approve and adjust prices in cooperative societies, reinforce its role in maintaining balance in consumer markets and limiting unjustified price variations.
The committee is required to submit periodic reports to the Minister of Commerce and Industry, detailing price trends, inflation developments, and supply conditions, along with recommendations for corrective measures when needed.
The decision comes into force upon publication in the Official Gazette.
