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Sun 16 Aug 2009 06:55 AM

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Retail group to cut prices by up to 30% in Ramadan

Union Coop Society to slash price of basic food products to help consumers.

The Board of Union Cooperative Society in Dubai has decided to reduce prices of basic food products by up to 30 percent to ease the burden on consumers during Ramadan.

Saeed Khalfan Mattar Al Rumaithi, deputy board chairman of the union cooperative society, said: "The move is in line with the role of cooperative movement, which is vital to the national economy. It creates balance and stability to the market as it reins in the prices that could have soared."

He added that the prices of commodities will be lower by 10-30 percent compared to the market to help consumers during the holy month, news agency WAM reported.

Last month, the UAE signed agreements with supermarket chains across the country to offer discounts of up to 60 percent on more than 200 food items during Ramadan, said Hashim Saeed al-Neaimi, the manager of consumer protection at the UAE's Ministry of Economy.

"The economic crisis has affected consumers' pay and we want everybody to be able to afford the majority of food items during Ramadan," al-Neaimi added.

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