| Inflation continues to hit Kuwait |
| Sunday, 16 August 2009 07:33 | |||
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While price inflation in the United States and the European Union countries has significantly decreased, prices in Kuwait continue to increase in relation to where they stood last summer.
At that time, however, merchants attributed higher prices to the inflation occurring in European countries that were exporting their products to Kuwait. But what are their reasons now that this argument is no longer on the table? Experts say that the main reason which has led merchants to keep raising their prices is the lack of strict supervision from official directorates who adopt insufficient mechanisms of oversight and fail to monitor prices throughout the year, Awan reported. This has led merchants to manipulate prices for their benefit. A source within the Ministry of Commerce said that there has been a lack of studies about the matter which would have helped control prices. In addition, the role of a committee that looked into the matter that was put together by former Minister Ahmad Baqer remained limited to supervision duties while failing to make any progress toward fighting price increases.
Kuwaittimes
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