The Ministry of Economy (MoE) has announced the use of a new policy to regulate pricing for basic food commodities.
Basic goods will be divided into two main groups, with the first group requiring the Ministry's approval, if the supplier decides to raise the price of the commodities.
The first group consists of 11,000 items including eggs, bread, flour, chicken, salt, sugar, cooking oil, milk, mineral water and more.
To receive approval, the supplier needs to apply via the MoE website and submit evidence to justify the necessity to increase prices.
An in-depth review will be done by the Ministry to determine whether the price increase is justified.
The second category of goods does not require the approval of the Ministry to increase prices.
The exemption from approval is due to the large number of suppliers for the goods, an abundance of the product, high price competitiveness and the number of suppliers.
The second category includes coffee, tea, oats, wheat, potato chips, cheese, frozen food, juice, ice cream and more.
Unjustified price increases from suppliers are a violation and can lead to legal consequences.