KUWAIT: Kuwait’s Ministry of Commerce and Industry is rolling out a fully electronic price monitoring system this year to track commodity prices in real-time and prevent artificial inflation.
The system will monitor both basic and secondary commodities, offering consumers and inspectors instant access to price fluctuations. It will also create a centralized database, allowing shoppers to compare prices across different retailers and spot inconsistencies.
To maintain accuracy, cooperative societies will be responsible for entering and updating pricing data, while the Ministry will oversee audits and verification. The system will factor in global market trends and supply-demand shifts before approving price changes.
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The final bid deadline for the system’s development is March 6, with bidders required to submit a 2% guarantee of the bid value, valid throughout the process.
Authorities say this initiative will boost consumer confidence, promote fair pricing, and deter unjustified price hikes, reinforcing Kuwait’s commitment to economic stability.
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