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Suppliers imposing price rises |
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Tuesday, 26 January 2010 08:16 |
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KUWAIT: Steep price rises have hit a number of local Co-ops recently
, with one Co-op CEO indicating that his outlet has received notification from 50 major suppliers announcing increases of between 20 and 80 percent on a variety of products. Faihan Al-Mandeel, the head of Al-Ardiya Cooperative Society, said that among the products wholesalers are increasing the prices of are milk, juices, tea products, chicken and other basics, with milk set to rise from KD 19 to KD 26 per truckload. Al-Mandeel revealed the steep price rises at a press conference where he announced his intention to run for the presidency of the Kuwait Union of Cooperative Consumer Societies (KUCCS). He indicating that the Ministry of Social affairs and Labor is set to call for an election of board members shortly, reported Al-Watan. Al-Mandeel revealed that Al-Ardiya Co-op achieved a 6.65 percent increase in revenue last year, compared to the previous one, also telling reporters that the Co-op is to send a Zakat (alms) donation of KD 47,000 from its profits to the Zakat House for the period. - Kuwait Times
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