Inflation cause of concern for Saudis, Indians
A large number of expatriates, including Indians, have been affected due to rise in prices of essential commodities and soaring house rents.
By PTI |
DUBAI: A large number of expatriates, including Indians, have been affected due to rise in prices of essential commodities and soaring house rents.
Hard hit by continued inflation, Saudis and expatriates called for an immediate government intervention to curb it and asked for hike in their salaries to combat it.
"The government should stop the monopoly of big companies that supply essential commodities. Salaries must be increased further," Professor Abdul Ilah Saaty of King Abdul Aziz University told Arab News.
Saaty asked the government to re-introduce subsidies for medicines, especially after the surge in prices of medicine.
Earlier, Saudi Arabian Trade and Industry Minister Hashem Yamani had resigned after being criticised by the local newspapers for failing to contain inflation, which hit 7 per cent in January.
Inflationary pressures have accompanied an economic boom stemming from the nearly 400 per cent jump in oil prices since 2002 and from Saudi Arabia's action in pegging its rival to the weak US dollar, which has pushed up some import prices.
In January, the Saudi Council of Ministers adopted a 17-point resolution in order to contain the rise in prices, which include measures to increase the subsidies for rice, barley and milk.
Hard hit by continued inflation, Saudis and expatriates called for an immediate government intervention to curb it and asked for hike in their salaries to combat it.
"The government should stop the monopoly of big companies that supply essential commodities. Salaries must be increased further," Professor Abdul Ilah Saaty of King Abdul Aziz University told Arab News.
Saaty asked the government to re-introduce subsidies for medicines, especially after the surge in prices of medicine.
Earlier, Saudi Arabian Trade and Industry Minister Hashem Yamani had resigned after being criticised by the local newspapers for failing to contain inflation, which hit 7 per cent in January.
Inflationary pressures have accompanied an economic boom stemming from the nearly 400 per cent jump in oil prices since 2002 and from Saudi Arabia's action in pegging its rival to the weak US dollar, which has pushed up some import prices.
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In January, the Saudi Council of Ministers adopted a 17-point resolution in order to contain the rise in prices, which include measures to increase the subsidies for rice, barley and milk.
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