Arab Press

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Thursday, May 19, 2022

Saudi Commerce Ministry discusses price hike in the wake of Russia-Ukraine conflict

Saudi Commerce Ministry discusses price hike in the wake of Russia-Ukraine conflict

Saudi Arabia’s Ministry of Commerce organized a workshop to discuss the impact of the Ukraine crisis on global and local markets, including the price rise.
Prices of basic consumer goods and commodities as well as the manufacturing costs registered a steep rise in the wake of the Russian-Ukraine conflict, in addition to the big jump in the costs of shipping and logistics services.

The ministry said 12 government agencies, the Federation of Saudi Chambers and representatives of 70 major companies, including retailers and wholesale dealers operating in the food and beverages sector, participated in the workshop.

Minister of Commerce Majid Al-Qassabi stressed the government’s keenness to overcome all challenges and obstacles facing the private sector, especially those related to supply chains and stocks of basic goods in light of the repercussions of the Russia-Ukraine conflict.
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