Kuwait’s newly formed Central Committee for Price Studies, Inflation Monitoring, and Supply Chains, which was created to monitor markets and maintain price stability, has formally started its internal organisational work.
A significant government attempt to rebalance the nation’s pricing system was indicated by the committee’s first meeting, where important leadership roles were assigned and subcommittees were established. Informed sources claim that members from 15 government and private sector organisations swiftly agreed on how to divide up the roles.
Now that it is chaired by the Ministry of Commerce and Industry, the committee is ready to start carrying out its primary field duties, which include keeping an eye on inflation, market prices, safeguarding domestic goods, and controlling supply chain activities.
Reports claim that the meeting set the stage for a number of intense future sessions to review the introduction of new products, assess pricing requests from businesses, and guarantee the availability of necessary goods in regional markets. These actions are a component of a larger ministerial effort to stabilise market dynamics and avoid supply disruption or price manipulation.
To keep an eye on market trends and approve any proposed price increases, four specialised subcommittees were formed. The Price Monitoring Committee has been made in charge of keeping an eye on market developments, apart from authorising any suggested price hikes.
The Market and Supply Chain Regulation Committee will be in charge of monitoring distribution networks and resolving possible obstructions, while the Strategic Stockpile Committee will assess supplies of necessities, apart from making emergency plans.
According to sources, no price adjustment will be allowed without the Price Monitoring Committee’s prior consent. To maintain market stability, regulatory framework adherence is still crucial.
The committee’s and its subcommittees’ members will not be paid in order to formalise the committee’s purpose and emphasise its dedication to public service. There is a clear intention to prioritise the public interest over private benefit, reports stated.