Skopje, 20 September 2024 (MIA) - Economy Minister Besar Durmishi believes that after the Government's decision to limit profit margins for some basic food products to 10 percent ceases to apply, potential price hikes of the products covered by the decision will be prevented by the law banning unfair trade practices. 

"The law banning unfair trade practices will enter into force at the end of the month. Suppliers and buyers will align in terms of deductions and additional costs, so the margin will be limited to 10 percent for the suppliers and buyers, with the goal of ultimately reducing for the citizens the price of 2,458 products that will be included on that list. All the decisions we made are in the interest of our citizens," Durmishi told Friday's press conference.  

He said there will be similar market basket measures in the future, in certain periods when citizens have the most need to buy basic products.

"We are limiting profit margins when we know that traders are generally raising prices. The working group, which was formed by representatives from the Ministry of Economy and Labour, the Ministry of Finance and the Agriculture Ministry, made an analysis and adopted this measure. For all subsequent analyses, they will submit a proposal to us so that we can submit it to the Government and you will be informed in a timely manner," said Durmishi. 

The so-called autumn market basket includes 73 basic food products. The gross profit margin for those food products will be limited to 10 percent in wholesale and retail trade. 

The Government's decision to limit the gross profit margin for some of the basic food products will enter into force the day after it is published in the "Official Gazette of the Republic of North Macedonia", and will be valid until October 31, 2024.  

Durmishi said the decision was made based on data from the State Statistical Office, regarding the index of living costs, which show that when comparing August 2024 with December 2023, an increase in food costs by 4 percent was recorded. 

Photo: Government