Bahrain unaffected by drastic price changes amid inflation, say traders

TDT | Manama                                 

The Daily Tribune – www.newsofbahrain.com

Traders in Bahrain unanimously affirm that the prices of basic food items in the local market will remain stable and unaffected by concerns about global inflation rates.

They emphasise the fact that there are subsidised basic foods and over 94 essential commodities are VAT exempt, which contributed to maintaining market discipline and ensuring the consistent availability of food products to meet consumer needs.

They stress that addressing price increases should be done through opening new markets and providing consumers with multiple choices for a single product, promoting both purchasing power and price control to counter the high global inflation rates.

In this regard, businessman Khalid Al-Ameen clarified that the private sector in Bahrain is a key and influential partner with the executive authority in achieving the government’s goals and development plans. He pointed out that prices of basic food items are stable and experience no changes at all thanks to government policies.

Similarly, Rashad Zainal confirmed that VAT-exempted food products, totalling about 94 food items, have not witnessed any price changes except for a slight increase in some products due to external factors related to the global market. However, these increases are not considered impactful on citizens’ income levels.

Zainal reassured citizens about the stability of prices in the local market, despite increases observed in most countries worldwide. He also commended the role of the Bahrain Chamber of Commerce and Industry (BCCI) in opening more global markets for Bahraini importers and their continuous cooperation with the government to develop strategic plans that enhance the strategic stockpile of essential food items.

For his part, food merchant Rida Al-Bustani emphasised that prices of subsidised food items in the local market are stable, and any increase is preceded by a comprehensive economic and social study. He clarified that social media rumours are misleading and have no factual basis, cautioning against following such rumours and assuring that the local market’s current prices are the most suitable for consumers.