ERBIL, Kurdistan Region - More than 30 businesses have been closed by Erbil authorities in recent weeks for playing with the prices of essentials, the mayor said on Thursday.
Prices saw a sudden hike earlier this month after the US imposed harsh sanctions on Russia's economy for its invasion of neighboring Ukraine.
Kurdish officials have blamed the sanctions, panic among buyers and the exploitation of prices for the sudden surge in prices of essentials, especially sunflower seed oil.
Nabaz Abdulhamid, mayor of Erbil, told Rudaw's Nazanin Goran on Thursday that local authorities have closed over 30 businesses for playing with the prices in the last couple of weeks.
"Our committees have been able to control the prices of vegetable ghee and sunflower seed oil," he said, adding that the previous prices of some essentials like rice have been restored.
Local governments in the Kurdistan Region formed special committees following the hike in order to control the prices.
Dina Ahmed heads the committees which observe prices in Halabja province. She told Rudaw on Thursday that they have warned 60 businesses and fined 14 others for exploiting the hike.
