The Kuwaiti Ministry of Commerce and Industry launched a system to monitor commodity prices on its official website on 21 March 2022. It was launched to make the shopping process for consumers easy.
The Ministry of Commerce and Industry is one of the governmental bodies of Kuwait and is part of the cabinet. The Ministry of Commerce and Industry in Kuwait supports commercial and industrial activities and assists citizens in trade.
In a statement, the Ministry of Commerce said consumers can now enter the system to check the prices of basic foodstuffs in cooperative societies, supermarkets, and other sales centres before leaving the house and without moving from one market to another, reports a local Arabic daily.
The ministry explained that cooperative societies entered and updated the price data. All that the ministry does is monitor and scrutinize them regularly in accordance with the supply and demand system as part of its efforts to prevent any artificial price hikes.
According to the sources, this system will facilitate the work of the ministry’s inspectors, help them in price monitoring and control, and control violations of the artificial increase in the price.
It is in the consumer’s interest and helps the merchant determine the prices of goods and abide by them.
The ministry stated that the system will be continuously updated with the addition of seasonal foodstuffs, noting that this system resulted from “unremitting efforts and cooperation between the Ministry and the Federation of Societies and Private Central Markets.”
The ministry covers the following departments:
- Department of Consumer Protection
- Assistance Agency for Tourism Affairs
- Assistance Agency of the affairs of trade control
- Assistance Agency of Affairs of World Organisations and Intellectual Property Rights
- Assistance Agency for Corporate Affairs and Business Licenses
- Assistance Agency for Foreign Trade Affairs
- Technical Affairs and Trade Development
- Assistance Agency for planning and technical support
- Office of Foreign Capital Investment.
