KUWAIT: Minister of Commerce and Industry Khalifa Al-Ajeel on Sunday issued a decision establishing a central committee to study prices in the domestic market and monitor inflation and supply chains in a bid to control the movement of prices. The panel, called the Central Committee to Study Prices and Monitor Inflation and Supply Chains, is headed by the ministry undersecretary and includes senior representatives from 15 ministries and departments including the Kuwaiti Federation of Food Traders and Manufacturers.

Under the decision, the committee is authorized to monitor and determine prices in various domestic markets and then lay out guidelines and mechanisms to ensure price stability. The committee will study inflation rates in Kuwait and propose adequate recommendations to deal with them and limit their impact, the decision said.

The panel will also study and follow up supply chains to the local market and ensure their effectiveness and an organized inflow of commodities into the country. The decision said part of the committee’s duties will be to propose policies to strengthen competition and provide incentives for both manufacturers and importers to ensure that sufficient quantities of commodities are available to consumers. The committee will also fight against dumping in order to protect national products. The decision also said that the committee can establish specialized subcommittees to monitor prices and inflation rates, regulate markets and follow up on strategic storage.