Ministry of Economy cracks down on price gouging by supermarkets and greengrocers

The Lebanese Ministry of Economy has conducted a series of raids on supermarkets and greengrocers throughout Beirut, in response to mounting complaints from consumers about price gouging and fraudulent pricing practices. 

Many supermarkets have been accused of not displaying the exchange rate of the US dollar, as required by law, while others have been caught using misleading pricing tactics to deceive customers.

Some stores have displayed prices in Lebanese lira, only to charge customers in US dollars at an inflated rate, allowing them to pocket extra profits. 

In some cases, products have been priced differently on the shelves and at the checkout, causing confusion among customers. 

The ministry found instances where some items, such as bread, were sold at a price exceeding the legal profit margin of 15 percent.

During the raids, the ministry issued dozens of citations to offending businesses and levied fines. 

The Ministry of Economy has announced plans to propose new legislation that would empower the Consumer Protection Agency to enforce pricing regulations and impose steeper penalties on violators, including sealing stores without requiring judicial approval.

The ministry is also partnering with the World Food Program to launch an electronic application that will ensure the prices of essential commodities remain stable and prevent unscrupulous traders from manipulating prices.

The program will monitor and verify prices of approximately 60 essential commodities and link them with supermarkets and greengrocers across Lebanon. The program will also be accessible to consumers, enabling them to verify prices of goods themselves.

If successful, these efforts could help alleviate some of the financial burdens faced by Lebanese consumers, who have been grappling with soaring prices for basic goods and services amid a dire economic crisis. 

The Ministry of Economy has vowed to continue to monitor prices and take action against businesses that engage in unfair practices.