Traders say the domestic market has remained “stable and largely unaffected by much of the global inflation problem, thanks to the prices of many essential goods that the government has exempted from Saudi Arabia’s 10% value-added tax (VAT).” It is said that it has been ensured that no
Retailers unanimously acknowledged that food prices and availability in the country are largely under control despite the highly publicized pressures.
“More than 94 essential products receiving subsidies from the government contribute to maintaining market discipline and ensure stable availability of food that meets the needs of consumers,” the traders said in a statement released yesterday. Stated.
Products include food items that are exempt from the 10% value added tax (VAT), such as meat and fish, bread, water, dairy products, sugar, salt, cereals, vegetables, fruit, tea and coffee.
These items are currently subject to zero VAT status. But business owners are looking to tap into new markets because offering customers multiple choices for a single product increases purchasing power.
Khalid Al Amin, Chairman of the Food Wealth Committee of the Bahrain Chamber of Commerce and Industry, said: “Thanks to government policies, the prices of subsidized food products have remained stable and have not changed at all.” .
Similarly, Bahraini trader Rashad Zainal reassured the public that many prices in the domestic market remained stable despite sharp price increases observed in most countries around the world. .
He also highlighted the role of the Bahrain Chamber of Commerce and Industry in supporting the opening of an increasing number of global markets to Bahraini importers, and continued engagement with the government to develop a strategic plan to strengthen the strategic stockpile of essential food products. He praised the cooperation.
GDN reports that prices for milk, eggs and other dairy products have increased in recent months, but special deals and competitive pricing have eased the pressure.
From left: Mr. Al Bustani, Mr. Zainal, and Mr. Al Amin.
Furthermore, merchant Rida Al Bustani claimed that there had been a sudden increase in food prices and slammed recent social media posts that allegedly spread unsubstantiated and misleading messages.
GDN reported in July that Bahrain ranks second among Gulf countries in its Global Food Security 2022 Q2 report.
New efforts to achieve food security in Bahrain include aquaculture, livestock and agricultural projects, as well as increased poultry production. A project worth BD 400 million is underway to build a hydroponic farm covering 260,000 square meters of land and 356 greenhouses, producing 3,600 tons of food annually.
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