Kuwait City: According to experts, the pace of increase in commodity prices in Kuwait was 28 percent. This means that every citizen and resident must now spend an additional KD 28 for every KD 100 spent on necessities. The experts cautioned that the application of the Competition Protection Law, which prevents setting a minimum price, could result in price increases for up to 300,000 distinct items whose prices are established by the Union of Consumer Cooperative Societies. "This suggests that there will be a high wave of prices coming... supported by legislation," they claimed. While Kuwait witnessed repeated meetings in the last period regarding the cancellation of the Minister of Commerce and Industry's decision No. 67/2020 to fix prices during the COVID-19 crisis and the demand for price liberalisation, experts confirmed that if the Ministry of Commerce and Industry cancelled its decision, there would be price hikes of up to 35%. They emphasised that this must be handled, and that there must be a sensible control that takes into account the balance of all parties.
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