Skopje, 13 September 2023 (MIA) – The Ministry of Economy has proposed a ban on promotional sales by all retail chains in the country until November 30, while next week it will propose that the Government caps the prices on products from the food industry. This, according to Economy Minister Kreshnik Bekteshi, will lead to a linear reduction of the prices of food products by at least 10 percent, while it is possible that the decision the Government will adopt on Tuesday will include an even greater reduction of prices.

The traders, said Bekteshi, won’t know the date on which the prices will be capped, and as a result, according to the Minister, they will be unable to up the prices of products before they are capped. The capped prices will enter into force after they are published in the Official Gazette. 

“All analyses are showing that there is no basis for the prices of basic food products to be increased neither by the traders nor the producers, considering the drop in prices on the global markets,” said Bekteshi.

The Minister stressed that although inflation has dropped, according to the Ministry’s findings, there is still room for price reductions and added that all retail chains have recorded an increase in income compared to last year.

“Maybe the decision to ban promotional sales may seem strange since we are making a certain reduction of prices impossible to the citizens, but this isn’t the case, because next week the decision to cap prices in the food industry will follow as well. We are making this decision because we noted that certain supermarket chains are abusing the option to carry out promotional sales or certain campaigns. Therefore, in order for things to be clear for the citizens and consumers, they [the markets] will not have this option until November 30, and as a result, the exact price of a certain product will be known, instead of making chances to the prices daily or weekly in order to confuse the consumers and citizens,” said Bekteshi.

Bekteshi said that on Thursday the Ministry of Economy will deliver an interpretation of the Law on Consumers to the head of the State Market Inspectorate, which, apart from fines, will also lead to closures for supermarkets and traders in food products that fail to comply with the measures.

Since the end of 2019, said Bekteshi, market prices have increased by 23.3 percent globally, while in North Macedonia they’ve increased by 47 percent.

“I am convinced that such decisions will additionally reduce prices, especially for products that have received huge price hikes. There will be no more gentlemen agreements, instead there will be concrete and concise decisions that must be respected by all traders and producers of basic food products. There will be no more negotiations, and these will be the final decisions. Apart from fines, I am sure that certain entities will be closed if they fail to comply with the measures,” said Bekteshi.

Bekteshi announced that on Thursday he will hold a meeting with representatives of seven or eight retail chains, during which he will convey the positions of the Ministry of Economy regarding the measures that will follow in terms of setting the prices of food products.

Photo: MIA