known financial and economic experts have called for strict monitoring of prices of essential commodities. The call came in response to the recent skyrocketing prices of consumer products making a big hole in the pockets of the consumers, especially those belonging to the limited income group. Fadl Abu Alenain, a financial and economic adviser, said it is likely prices will increase if current circumstances persist. Prices are up because of four main reasons: rise in global prices, the government's expansionary fiscal policy, a weaker riyal and poor monitoring of markets. “However, the effect of global prices is not huge. The price rise in the Kingdom is double the global rate,” he said. The price chaos, he said, is mainly because the officials concerned are trying to pass the buck and are constantly engaged in blame-game rather than taking measures to stem the rot. Financial policy officials blame those managing monetary policy and the other way around. The vicious cycle continues and in the meantime, the ordinary citizen, whose living is most affected by the price hikes, continues to suffer, he said. Dr Habeebullah Turkistani, a professor of economics and marketing at King Abdulaziz University, blames the price increase to the poor ‘alternative product' culture of the consumers. This deficit, he said, has contributed immensely to the rising prices and domestic inflation. He said higher global prices cannot be blamed because increases in Saudi Arabia are far higher than the global average. Turkistani urged the authorities to tighten control over the prices in order to prevent some companies from fabricating reasons to increase the prices of their products and exploit during peak seasons such as in the approaching month of Ramadan. Dr. Ihasan Abu Helaqa, a renowned economic expert, has sought the involvement of the Commission for Promotion of Virtue and Prevention of Vice (the Hai'a) to monitor the markets all over the Kingdom stressing that this has been one of the commission's major task throughout the Islamic ages. He said a regular presence of the Hai'a staff in markets would deter the traders from an unjustified increase in prices. __
