Union of Consumer Cooperative Societies will be offering food baskets during Ramadhan in a bid to meet consumers’ needs throughout the holy month, union’s chairman Abdulaziz Asad said Thursday, also underlining that the conflict in Ukraine did not affect supply.
Speaking to KUNA, Asad said cooperative societies were selling around one billion Kuwaiti Dinars (KD) (USD 3.3 billion) per year with collective liquidity of KD 400 million (USD 1.3 billion), making them major investment outlets nationwide.
Cooperative Societies offer cheap products to be affordable by all segments, specially during Ramadhan, he added.
Asad said prices differed according to offers presented by suppliers, however there was a strict monitoring on manipulation of prices in general.
The official meanwhile said the conflict in Ukraine was neither affecting availability of products nor prices, emphasizing the strategic storage was enough and there were many alternative products from other countries other than Ukraine and Russia.
Asad said cooperative societies were contributing to economic, social and cultural aspects of the lives of people, in addition to guaranteeing food security.
A law was issued in 1962 that paved way for creation of cooperative societies with the objective of contributing to national economy.
Source: Kuwait News Agency