The value of food imported annually during Ramadan is estimated at SR7 billion, according to a source in the Ministry of Trade. In all, foodstuffs worth SR50 billion are imported per annum. Increase in the prices of some commodities is unjustified, the source said. Traders increase the prices despite concerted efforts by inspectors to monitor prices, he said. The Ministry of Trade requires many importers to justify price increases and if the reasons are not convincing, comparisons with prices of similar products are carried out to determine a reasonable price. The source acknowledged that there is a shortage of inspectors. He hoped more inspectors will be hired soon. He called on consumers to find alternatives if the price of a commodity goes up, especially if there is an alternative with a similar level of quality. He rejected accusations that the Ministry of Trade looks the other way when it comes to merchants' interests and said it is determined to protect the interests of all parties. The source also cited the Cabinet's decisions concerning curbing monopolies and encouraging competition benefiting consumers. The source said that he strongly hoped for support for domestic products to reduce imports, describing the amount of money involved in the relevant bill as “very high and equal to the budgets of several countries.”
