The Economic Controllers of the Inspectorate of Economic and Transport Affairs (IETA) are actively fulfilling their role in promoting economic stability and consumer welfare, underscoring the pivotal role of effective price controls in fostering a fair and balanced marketplace. Well-implemented price controls are essential for sustaining growth, ensuring fair competition, and protecting consumers.
Over the past week, Economic Controllers have been busy executing controls in various supermarkets for compliance with the most recently updated basket of goods, which went into effect October 20, 2023. Effective price controls act as a safeguard against inflation, ensuring that the cost of essential goods and services remains reasonable and accessible to the public. This, in turn, contributes to social equity and helps prevent undue financial burdens on vulnerable sectors of our population.
Several major supermarkets like CostPro, Daily Supermarket, Carrefour, and Sunny Foods have been controlled and fines were issued were products on the basket of goods list were found to be offered for sale to the public at a price higher than established by the Minister of TEATT. Fine amounts start from ANG250 to a maximum of ANG10,000.
Price controls will continue and the IETA is calling on supermarkets (big and small) to comply in in order to strike a balance between market forces and the well-being of the populace.
The Ministry of TEATT has created the website http://www.maxpricesxm.com
to inform the community on price developments, regulations and more. We encourage you to use this platform to view the most current basket of goods price list, report violations and shop around based on price comparisons and weekly specials.