Combatting Ramadan inflation
KRG trade ministry advises against bulk purchases
ERBIL — In anticipation of the upcoming month of Ramadan, the Ministry of Trade and Industry in the Kurdistan Regional Government is actively advising citizens to refrain from making bulk purchases of food items. This guidance aims to avert unnecessary price surges, supported by assurances of ample food supplies available for the holy month.
Nawzad Sheikh Kamil, the Director General of Trade at the Ministry of Trade and Industry, conveyed to 964media, “We assure the citizens of the region that there is an abundance of all necessary food items in storage for Ramadan, and there is no risk of shortages or unavailability in the markets.”
In an effort to maintain price stability and ensure equitable access to essential goods, the ministry recommends that citizens moderate their purchasing and consumption habits. As part of its strategy to prevent food price inflation, the ministry plans to distribute food baskets containing staples such as starch, macaroni, and zero-grade flour at the beginning of Ramadan.
“Trade monitoring and municipal teams are continuously overseeing prices and the market to prevent any unjustified increases in food items or any other commodities,” Kamil added.
The situation mirrors global instances of consumer behavior during periods of perceived scarcity, such as the panic buying witnessed during the COVID-19 pandemic. Behavioral economics suggests that the fear of scarcity, even when unfounded, can lead to herd behavior, exacerbating supply and price issues. By ensuring the public of the stable supply and pricing of food, the ministry aims to mitigate these perceptions and encourage cooperative consumer behavior.
Recently, Sulaymaniyah district teams confiscated approximately 25 tons of spoiled apricots, almonds, and dried greengages from a warehouse. The owner had intended to sell these spoiled goods to citizens during Ramadan, anticipating reduced market supply and a lack of good value alternatives for consumers.
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