The Economy Ministry is placing a cap on price increases for nine basic commodities as of 2 January 2025, state news agency Wam reports. Retailers will now need prior approval from the Ministry to increase prices, with a minimum of six months required between two consecutive price hikes.

The rule applies to nine essential consumer goods: cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat. Other related items and cleaning products will also be subject to the new rules.

New transparency measures: Under the new regulations, retail stores and online merchants must clearly display unit prices using standardized measurements. A newly introduced code of conduct also regulates relationships between suppliers and retailers, encouraging consumers to report any violations of pricing transparency or unfair practices.

The Economy Ministry will form a team to monitor prices, reviewing requests for price increases, and assess complaints against violators.

Tags: