Economic Collusion Leads To Price Spike In Saudi Arabia Before Ramadan

Ramadan begins this year on Aug. 10. Zawya today reports that in Saudi Arabia, where the weeks preceding the holy month are a high shopping season, prices on foodstuffs-- especially imports-- are increasing sharply because or collusion by two companies. The two companies, taking advantage of favorable exchange rates, have bought up huge stocks of food items from the sole agent for many imported food products. They now monopolize local food distribution networks. Prices for essential commodities have risen 25% in recent weeks, and this could double by the time Ramadan begins.