KUWAIT: Prices of commodities at local cooperative societies have not increased and will not be increasing in the future, Abdulwahab Al-Fares, President of the Kuwait Union of Consumer Cooperative Societies, said in a statement on Sunday. "We will support the middle and working class and maintain purchasing power in the country,” he said in a statement.
"We are following instructions of the commerce and social affairs ministers regarding not raising prices. Any cooperative society that violates the ministerial decision may face legal action.” Fares refuted claims made on social media accusing cooperative societies of hiking prices, adding that they won’t make such a move without approval from the Ministry of Commerce and Industry and Ministry of Social Affairs.
A price hike will only be discussed when inflation rates are down according to Central Bank statistics, he said. According to Fares, the union has refused price hikes suggested for 45 products. It also refused to sell 245 new products because they cost more than the market’s average. A committee has been formed within the union to examine 315 requests to increase prices of 1,350 products which have been made since May 30.