Consumers may have to shell out more on foodstuffs and other items consumed widely during the holy month of Ramadan. A survey of big stores in Riyadh has shown that products like refreshing drinks, sugar, minced meat, cooking oil, soup, and vermicelli are now dearer by 10 to 42 percent compared to the prices last Ramadan. However, other products like macaroni, cheese, and jelly have become cheaper with prices getting down 13 to 33 percent when compared with the same period last year, Al-Watan reported on Saturday. Mohammad Al-Sha'lan, member of the Foodstuff Committee at Riyadh Chamber of Commerce attributed the difference in prices of such products due to an increase in the cost of production and global trend of price hike of foodstuffs and other products. Al-Sha'lan does not see any further increase in prices as “major suppliers possess enough stocks to cover the demand for more than four months.” Referring to the shortage of rice in the Kingdom, he said Indian farmers will begin harvesting this staple food only after Ramadan. He said it was difficult to predict rice prices as of now. A number of businessmen said the average prices of some consumer products have been increased by 30 to 60 percent during the third quarter of this year. They also ruled out further increase in prices during Ramadan. They noted that the trend of large stores competing to lure away the costumers through various offers has caused a decrease in their profit margins in many essential goods. A marketing supervisor, Emad Al-Beshi, expected sales to decrease by 30 percent in Ramadan because most of the city's inhabitants are having their annual vacation. He said businessmen fear this will be an annual practice for at least ten more years since Ramadan will coincide with the summer vacation. Ramadan used to be the most profitable month for foodstuff stores during the past years, they said. __
