The UAE Ministry of Economy has announced the approval of a price increase for eggs and poultry products in the country by up to 13% as part of maintaining food security in all markets in the state.
A ministry statement yesterday, Saturday, said that “this increase is temporary and that the need for further application will be assessed within 6 months.”
And she said: “In case there are no reasons for this in light of developments in the local, regional and global markets, then it will be canceled or changed.”
The ministry said the move was taken amid a request from a number of companies working in this field in the country to the Ministry of Economy to increase prices, amid large losses in the recent period, as a result of high production costs and production costs from imported materials. such as feed and other materials.
Al-Ektisad: Approval of higher prices for eggs and poultry products temporarily comes to ensure a balanced relationship between the seller and the consumer#WAM_ECONOMYhttps://t.co/dFCaRJbDZ9rice.twitter.com/hSIIEq2dui
– You Economic (@BusinessWam) March 18, 2023
The ministry said it had conducted a demand-testing scoping study in collaboration with a specialized advisory group on the cost of eggs and chicken products, which concluded that a justified increase ranged from 13 percent to 20 percent.
According to a statement from the UAE Ministry of Economy, this increase will help protect poultry and egg companies and farms from the negative impact of high production costs for these products and mitigate their impact in a way that promotes business continuity. from these companies.
The Ministry indicated that the 13% rate is simple and justified and is in line with the high prices of these products at the regional and global levels, and that this is a percentage that has been studied in light of high raw material prices and egg production requirements. and poultry.
Last year, feed prices rose by between 60% and 80% globally as a result of disruptions in the supply chain.