At the proposal of the Ministry of Economy, the government has decided to reduce profit margins on fruits and vegetables, cutting their prices by up to 30 percent; to lift import duties on milk and cream so their retail prices would drop as well; and to set a price cap on water, non-alcoholic beverages and beer, writes news agency MIA.
According to an official press release, the retail profit margin on produce has been capped at 15 percent and the wholesale profit margin on produce has been capped at 10 percent. The government’s decision will be in force through Nov. 30, 2023.
Also, the government is reducing import duties on fresh vegetables and rice and lifting import duties on milk and cream as well as on citrus fruits, fresh or dried (including lemons, oranges, tangerines, and grapefruit).
Bottled water, fruit juice, soda and beer prices have also been capped. The price cap is based on the products’ wholesale prices on Sept. 19, 2023, which are being cut by at least 10 percent, the release says.
