World events behind price spikes, says Saudi minister of commerce

World events behind price spikes, says Saudi minister of commerce

JEDDAH: Major events including the COVID-19 pandemic and war in Ukraine have caused price hikes around the world, Saudi Minister of Commerce Majid Al-Qasabi said in a periodic government communication conference on Tuesday. The press conference discussed four key areas: Global events that led to price increases, the Saudi leadership’s guidance to address the effects of the hikes, repercussions of global events on prices, as well as a question and answer segment. “Let us rewind two years and a half back to February 2020. The COVID-19 pandemic was an economic, social and mental tsunami. It was the biggest economic crisis in the world,” Al-Qasabi said. “This pandemic affected the whole world all at once, and suddenly without any warning. We are still suffering from its effects,” he added. “We stayed in the pandemic for 13 months, and after that, it was the beginning of recovery.” After 13 months — specifically March 2021 — there were growing signs of economic recovery, Al-Qasabi said, but warning that there was an increase in demand versus supply. “The demand was more than the supply, and this causes an imbalance in the market, when the demand exceeds the supply. Of course, the result will be